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 […]

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 […]

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 […]

If you’ve hired a house cleaner, gardener, or other household employee that isn’t an independent contractor, you may be liable for what’s called the “nanny tax”—even if you haven’t technically employed a nanny.  You aren’t required to withhold federal income taxes when you hire a household worker, but you can choose to do so if […]

Do you know how much you and your employees can contribute to your retirement plans next year? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the monetary limitations for pensions and other qualified retirement plans for 2023.  Because of inflation, these amounts have increased more in comparison to recent years.  401(k) […]

As we approach the end of the year, it’s important to start thinking about ways to lower your tax bill for 2022. One of the first steps you can check off your list? Determine whether you’ll take the standard deduction or itemized deductions for the year.  Because of the high standard deduction amounts for this […]

If you’re planning a move to a different state, you probably have a long list of items to address: securing vehicle registrations, finding new primary care providers, and updating financial records, just to name a few.  As you work your way through your to-do list, don’t forget to review your will and other estate planning […]

While investing in tax-free municipal bonds generally provides tax-free interest, you may still encounter tax consequences. Keep reading to learn more about the potential tax and other financial consequences of investing in tax-free bonds. Purchasing tax-exempt bonds There are no immediate tax consequences for purchasing a tax-exempt bond for its face amount, whether on the […]

In today’s tough job market, the Work Opportunity Tax Credit (WOTC) may benefit employers—particularly those who hire workers from targeted groups who often face barriers to employment.  In September, the IRS issued updated information on the WOTC pre-screening and certification process. To meet the pre-screening requirements for job applicants, both applicants and employers must complete […]