Businesses typically want to delay the recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? There are two main reasons why you might take this unusual approach:  Suppose you believe your business income could be […]

Whether you’re making your first estate plan or need to update an existing one, it helps to speak the language. While most people are familiar with common terms like “trust” or “will,” the meanings of other estate planning terms may feel less clear.  Keep this glossary of key terms handy to help you navigate the […]

The 2023 federal tax filing deadline has come and gone. (Unless, of course, you filed for an extension until October 15.) Whether you’ve already filed or you’re still working on your return, you might have some questions once it’s been filed. Let’s take a look at three of the most common ones. 1. When can […]

During fieldwork, external auditors dedicate many hours to evaluating the way businesses report work-in-progress (WIP) inventory. Why is this so important? And how do auditors decide whether WIP estimates are realistic and reasonable?  Determining the value of WIP  Depending on the nature of their operations, companies may report a variety of categories of inventory on […]

Do you have a tax-favored retirement account, such as a traditional IRA? If so, that account will be subject to the federal income tax required minimum distribution (RMD) rules once you reach a certain age. (This applies even if you acquired the tax-favored retirement via an inheritance.) These rules mean you’ll have to: A) Make […]

The second quarter of 2024 has arrived! If you're a business owner or other employer, add these tax-related deadlines to your calendar.  April 15 April 30 May 10 May 15 June 17 Questions? Smolin can help This list isn’t all-inclusive, which means there may be additional deadlines that apply to you. Contact your accountant to […]

Mind the GAAP! Staff from the Securities and Exchange (SEC) commission expressed concerns at last November’s Financial Executives International’s Corporate Financial Reporting Insights Conference about the use of financial metrics that don’t conform to U.S. Generally Accepted Accounting Principles (GAAP). According to Lindsay McCord, chief accountant of the SEC’s Division of Corporation Finance, many companies […]

Did you know that Social Security benefits can be federally taxed? It’s true. Depending on your income, up to 85% of your benefits could be impacted by federal income tax. Understanding provisional income How do you determine the amount of Social Security benefits to report as taxable income? That depends on your “provisional income.” To […]

Whether you own a lakefront cottage, vacation beach home, or ski chalet, renting out your property for part of the year can have significant tax impacts. Here’s what you need to know. Your level of personal use impacts your taxes The number of days the property is rented has a direct impact on your taxes. […]