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April 21, 2023
Paperwork You Can Get Rid of After Filing Your 2022 Tax Return

Once you have completed your 2022 tax return, you may be curious about what tax documents you can toss in the recycling bin and how long you should keep other important documentation. You might be required to produce these records if the IRS decides to audit your return or needs to assess tax. It’s a […]

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April 19, 2023
Give Your Trusts New Life by Decanting Them

Creating flexibility within your estate plan using different strategies is worth considering when planning for the future. Because life circumstances can change over time (especially those involving tax laws and family situations), it’s important to use techniques to provide greater flexibility for your trustees. One such method is decanting a trust. What is decanting? Decanting […]

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April 12, 2023
Understanding Deferred Taxes

Navigating deferred taxes can be a confusing process, and the accounting rules for reporting deferred taxes can sometimes seem arbitrary and nonsensical when viewed through the lens of real-world economics. Here’s a brief article to help simplify this complex subject. What are deferred taxes? Companies are required to pay income tax on taxable income as […]

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March 27, 2023
State Income Tax Nexus: What You Need to Know

Supreme Court precedent once prohibited states from collecting sales tax from out-of-state businesses lacking an in-state physical presence, no matter how much the company made in sales—but this has recently changed.  With the United States Supreme Court decision in South Dakota v. Wayfair, Inc., individuals and businesses that sell products out of state are liable […]

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March 15, 2023
Which Vehicles Are the Most Tax-Friendly for Business Owners?

If your business is preparing to replace a vehicle or buy a new one, you should know that a heavy SUV might provide a more substantial tax break this year than what you’d receive from a smaller vehicle.  The reason? Larger business vehicles are depreciated differently on your tax returns than smaller ones.  Depreciation guidelines […]

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March 14, 2023
What You Need to Know About Claiming Losses on Depreciated Stock

Do you own stock in a company whose shares dropped sharply in value or even became worthless after you purchased them? You may be tempted to simply put it behind you, but it’s important to remember that you can claim a capital loss deduction on your next tax return. Here’s what you need to know […]

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February 23, 2023
Understanding After-Tax Contributions: ROTH 401(k) and ROTH IRA

Did you know that when it comes to your retirement account, not all contributions are created equal? Tax implications can have a significant impact on your savings.  In fact, after-tax contributions to a ROTH 401(k) or ROTH IRA can offer significant tax benefits while traditional 401(k)s and IRAs don't—just one of many reasons you might […]

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February 21, 2023
Understanding the Tax Implications of Merger and Acquisition Transactions

As a result of rising interest rates and a slowing economy, last year’s merger and acquisition (M&A) activity decreased significantly. According to S&P Global Market Intelligence, the total value of M&A transactions in North America was down 41.4% in 2022 (compared to 2021).  But in 2023, some analysts anticipate increased M&A activity in some industries. […]

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February 11, 2023
What You Need to Know About Retirement Plan Early Withdrawals

Retirement plan distributions are typically subject to income tax. If you take an early withdrawal, they may be subject to additional tax penalties. But what defines “early?”  Generally, it’s when withdrawals are taken out of a traditional IRA or another qualified retirement plan before the plan participant reaches the age of 59½.  These distributions are […]

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