News

Individual Taxpayers: Year-End Tax Planning Strategies

General Tax Planning Strategies General tax planning strategies for individuals include accelerating or deferring income and deductions, as well as careful consideration of timing-related tax planning strategies concerning investments, charitable gifts, and retirement planning. For example, taxpayers might consider using one or more of the following strategies: Investments. Selling any investments on which you have…

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Brandon Dailey joins Jarrard, Nowell & Russell as staff accountant

Charleston, S.C. – Jarrard, Nowell & Russell, LLC (JNR), a Charleston-based accounting and business advisory firm, has added Brandon Dailey as a staff accountant in the firm’s N. Charleston office. In this role, Dailey will provide analytical support to clients and assist with tax filings, bookkeeping duties, and assurance engagements. Prior to joining Jarrard, Nowell…

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Jarrard, Nowell & Russell, LLC adds staff accountant to Charleston office

Charleston, S.C. –Jarrard, Nowell & Russell, LLC (JNR), a Charleston-based accounting and business advisory firm, has hired Drew Butterfield as staff accountant in the firm’s downtown Charleston office. As staff accountant, Butterfield will prepare tax returns, review financial statements, and perform monthly bookkeeping duties. Prior to joining Jarrard, Nowell & Russell full-time, Butterfield served as…

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Year-End Tax Planning Strategies for Business Owners

Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2021 by delaying end-of-year invoices so that payment is not received until 2021. Businesses using the accrual method can…

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Jarrard, Nowell & Russell, LLC moves to new, larger office space Move marks 15 years in business and accommodates growth

 Charleston, S.C. –Jarrard, Nowell & Russell, LLC (JNR), a Charleston-based accounting and business advisory firm, has moved three of its Lowcountry offices to new, larger quarters at 9403 Highway 78 at Ingleside Boulevard, Suite 201, in Ladson. This move is seen as the next step in the expansion the company has experienced since first opening…

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Taking Early Withdrawals From Retirement Accounts

While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here’s what you need to know. Background When retirement plans such as the 401(k)…

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Tax Treatment of Virtual Currency Transactions

Whether you’ve invested in Bitcoin and sold it at a profit or loss or received it for services performed, you’ll need to report it on your tax return. Here’s what you should know: Background Prior to 2014, there was no IRS guidance and many people did not understand that selling virtual currency was a reportable…

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The Home Office Deduction

With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for business may be able to deduct expenses for the business use of it…

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What To Do If You Get a Letter From the IRS

Unless you are specifically instructed to do so, there is usually no need for a taxpayer to reply to a notice. For example, if your notice says that the IRS changed or corrected your tax return, review the information and compare it with your original return. If you agree with the notice, you usually don’t…

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Preparing for a Successful Retirement

1. Health Insurance Are you among the lucky few who will continue to be covered after retirement? If not, then you’ll need to replace your health coverage. If you will be eligible for Medicare at the time of your retirement, then you may want to start checking into “Medigap” coverage. Original Medicare pays for much,…

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