Beneficial Ownership Information (BOI)

There is a new reporting requirement, known as Beneficial Ownership Information (BOI), which came into effect in 2024.  In the article below, you will find general information regarding the new reporting rules as well as initial steps you should take to address the implications of the Corporate Transparency Act (CTA) to your organization. Who This…

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There May Still Be Time to Lower Your 2023 Tax Bill 

If you’re preparing to file your 2023 tax return, you may still be able to lower your tax bill – or increase your refund. If you qualify, you can make a deductible contribution to a traditional IRA right up until the original filing deadline, April 15, 2024, and see tax savings on your 2023 return. …

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One Reason to File Your 2023 Tax Return Early

The 2023 individual income tax return filing season opened on January 29th. If you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You may be able to protect yourself from tax identity theft. In a tax identity theft scheme, a…

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One-Time Thing: IRA to HSA transfer

Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? Under current law, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime.  Typically, if you have an IRA and an HSA, it’s a good idea to contribute as much…

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Tips on the Tax Treatment of Gifts

Gift tax returns generally do not need to be filed unless you give someone, other than your spouse (if he or she is a U.S. citizen), money or property worth more than the gift tax annual exclusion for that year. Here are four more tips regarding the tax treatment of gifts:  1. The annual exclusion…

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Minimizing Capital Gains Tax on Sale of a Home

If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale. The IRS home sale gain exclusion rule allows an exclusion of gain up to $250,000 for a single…

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A Tax Checklist for Newly Married Couples

Summer is the wedding season and newlyweds should understand how tying the knot can affect their tax situation. Here are three things newly married couples should know: 1. Name and address changes Name. When a name changes through marriage, it is important to report that change to the Social Security Administration. The name on a person’s…

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Tax Credits for Energy-Efficient Home Improvements

Taxpayers making certain energy-efficient updates to their homes are reminded that they could qualify for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. Taxpayers who make energy improvements to a residence may be eligible for expanded home energy tax credits.  What Taxpayers…

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Tax Withholding for Seasonal and Part-Time Employees

Many businesses hire workers for only part of the year, especially in the summer. The IRS classifies these employees as seasonal workers, defined as employees performing labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work include retail workers employed exclusively during holiday seasons, food service and…

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Defer Capital Gains With Sec. 1031 Exchanges

If you’re a savvy investor, you probably know that you must generally report any mutual fund distributions as income, whether you reinvest them or exchange shares in one fund for shares in another. In other words, you must report and pay any capital gains tax owed.  But if real estate’s your game, did you know…

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