7 Tips to Help You Figure out if Your Gift Is Taxable

If you’ve given money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Because gift tax laws can be confusing, here are seven tips you can use to figure out whether your gift is taxable. 1. Most gifts…

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It’s Not Too Late to Check Paycheck Withholding

Did you know that the average tax refund was $2,729 for tax year 2018? While some taxpayers may find it advantageous to get a large tax refund, others may wish to have more of their money show up in their paychecks throughout the year. No matter which preference taxpayers choose, they should remember that they…

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Homeowner Records: What to Keep and How Long

Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, or…

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Jarrard, Nowell & Russell promotes Justine Lovell

Charleston, S.C. – Jarrard, Nowell & Russell, LLC (JNR) a Charleston-based accounting and business advisory firm, has promoted Justine Lovell to supervisor in the firm’s N. Charleston office.     Lovell joined the firm as bookkeeper and accounts manager in 2017 when JNR acquired the practice of Donald R. Stephens, CPA. She had held positions…

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October 1 Deadline to Set up SIMPLE IRA Plans

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you’ll need to set it up by October 1st. Here’s what you need to know. What is a SIMPLE IRA Plan? SIMPLE IRA…

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Credit Reports: What You Should Know

Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud–and you from identity theft. Credit Evaluation Factors Many factors are…

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Jarrard, Nowell & Russell promotes two

 Charleston, S.C. – Jarrard, Nowell & Russell, LLC, a Charleston-based accounting and business advisory firm, has named Aaron Gaspar and Jay Gibson as supervisors. Both work out of the firm’s downtown Charleston office.     Gaspar previously served as senior tax accountant with the firm. In addition to preparing and reviewing personal, corporate, non-profit, and…

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List of Preventive Care Benefits Expanded for HSAs

The list of medical care services for a range of chronic conditions allowed to be provided by a high deductible health plan (HDHP) was expanded effective July 17, 2019. These medical services and items are limited to the specific medical care services or items listed for chronic conditions including hypertension, congestive heart failure, osteoporosis, asthma,…

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William Russell joins Charleston Regional Development Alliance board

 Charleston, S.C. – As principal of Jarrard, Nowell & Russell, LLC, a Charleston-based accounting and business advisory firm, William Russell has been named to the board of the Charleston Regional Development Alliance (CRDA).   Russell is a certified public accountant with over 25 years of experience in corporate financial management and captive insurance company management. …

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Three Tips for Getting an Accurate Business Valuation

If you’re conscientious about financial reporting, you may already have a sense of your company’s worth, but in some instances, you might need a formal business valuation, such as: Certain transactions: Are you selling your business? Planning an IPO? Need financing? Tax purposes: This includes estate planning, stock option distribution, and S Corporation conversions. Litigation:…

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