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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…

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…

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…

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…

 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…

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)…

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…

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…

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…

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,…