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what-to-know-before-donating-appreciated-assets-to-charity
What to Know Before Donating Appreciated Assets to Charity 1600 941 smolinlupinco

What to Know Before Donating Appreciated Assets to Charity

If you often give to charity, you’re likely aware that long-term appreciated asset donations—stocks, for example—are more advantageous than cash donations. But in some instances, it may be a better idea to sell those appreciated assets and donate the proceeds instead.  This is because, for cash donations, adjusted gross income (AGI) limitations on charitable deductions…

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Too Good To Be True? Be Wary of Third-Party ERC Mills 1600 941 smolinlupinco

Too Good To Be True? Be Wary of Third-Party ERC Mills

During the height of the COVID-19 pandemic, the Employee Retention Credit (ERC) helped employees keep their staff members on payroll. While this tax credit is no longer available, eligible employers who have yet to claim it may be able to do so by filing amended payroll returns for 2020 and 2021.  However, the IRS warns…

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cash-tax-or-accrual-basis-whats-the-right-accounting-method-for-your-business
Cash, Tax, or Accrual Basis: What’s the Right Accounting Method for Your Business? 1594 938 smolinlupinco

Cash, Tax, or Accrual Basis: What’s the Right Accounting Method for Your Business?

One of the most critical aspects of running a business is having access to timely, accurate financial information. When it comes to tracking your business’s financial performance, there are several accounting methods to choose from—but how do you know what’s right for your situation?  Here’s an overview of cash, tax, and accrual basis accounting to…

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getting-the-most-out-of-your-401k-plan
Getting the Most Out of Your 401(k) Plan 1594 938 smolinlupinco

Getting the Most Out of Your 401(k) Plan

The best way to reduce taxes and set yourself up for a comfortable retirement? Putting money toward a tax-advantaged retirement plan. If you’re not already making the most of an employer-offered 401(k) or Roth 401(k), now is the time to start. The sooner you start contributing to your retirement plan, the more substantial your nest…

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New Jersey Manufacturing Voucher Program
New Jersey Manufacturing Voucher Program 1600 941 smolinlupinco

New Jersey Manufacturing Voucher Program

The New Jersey Manufacturing Voucher Program: What you need to know New Jersey is launching a $20,000,000 pilot program to assist manufacturers with accessing the equipment they need to be more efficient, productive, and profitable. The New Jersey Manufacturing Voucher Program will provide grants to those within targeted industries for a portion of eligible equipment…

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new-yorks-covid-19-capital-costs-tax-credit-program
New York’s COVID-19 Capital Costs Tax Credit Program 1600 942 smolinlupinco

New York’s COVID-19 Capital Costs Tax Credit Program

On October 26, 2022, the State of New York announced a new tax credit program. The COVID-19 Capital Costs Tax Credit Program will subsidize small businesses for COVID-19-related expenses incurred between January 1, 2021, and December 31, 2022.  Eligible businesses must:  Operate in New York Have 100 or fewer employees Have $2.5 million or less…

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financial-reporting-tips-for-nonprofits
Financial Reporting Tips for Nonprofits 1488 875 smolinlupinco

Financial Reporting Tips for Nonprofits

Financial reporting isn’t just about profits. A lot that falls under the umbrella of accounting, from preparing budgets and monitoring finances to paying invoices and managing payroll tax—and nonprofits can certainly benefit from formal accounting processes.  If you’re a nonprofit entity, consider whether your accounting processes are managed as efficiently as possible. Not sure where…

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5-ways-to-update-your-accounting-practices
5 Ways to Update Your Accounting Practices 1594 938 smolinlupinco

5 Ways to Update Your Accounting Practices

When you think about the internal workflows and processes of your business, are you able to pinpoint why you do things a certain way? If the answer is “because we’ve always done it that way,” it might be time to make some changes.  In fact, with all of the new developments in the financial and…

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iras-and-rmds-answering-your-faqs
IRAs and RMDs: Answering Your FAQs 1600 941 smolinlupinco

IRAs and RMDs: Answering Your FAQs

You may be aware of the fact that you can’t let funds sit in your traditional IRA indefinitely. Once you reach age 72, you’re required to start taking withdrawals.  You may also be aware that the rules for taking required minimum distributions, or RMDs, are complex. Here are some answers to frequently asked questions about…

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pros-and-cons-of-c-corporations-for-business-entities
Pros and Cons of C Corporations for Business Entities 1275 750 smolinlupinco

Pros and Cons of C Corporations for Business Entities

If you’re launching a new business venture, you may find yourself wondering which type of company to create—and more specifically, whether a C corporation is the right option for you given your unique situation and goals. There are many advantages and disadvantages of doing business as a C corporation that are important to consider.  What…

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annual-gift-tax-exclusion-amount-to-increase-in-2023
Annual Gift Tax Exclusion Amount to Increase in 2023 1600 941 smolinlupinco

Annual Gift Tax Exclusion Amount to Increase in 2023

Conveniently enough, one of the most effective ways to save on your estate taxes is also one of the simplest: when you use the annual gift tax exclusion, you can transfer assets to loved ones without any gift tax.  While the current gift tax exclusion amount is $16,000 per recipient in 2022, that amount will…

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5-tips-to-prepare-for-year-end-inventory-counts
5 Tips to Prepare for Year-End Inventory Counts 1600 941 smolinlupinco

5 Tips to Prepare for Year-End Inventory Counts

The end of the year is approaching fast. For many, this means time for a physical year-end inventory count—the best way to ensure an accurate amount reported in your company’s perpetual inventory system. Physical counts may seem tedious and time-consuming, but they can offer valuable insight into your company’s operational efficiency. Fortunately, there are some…

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