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Running business spouse Tax issues
Running a business with your spouse? Watch out for these tax issues. 850 500 smolinlupinco

Running a business with your spouse? Watch out for these tax issues.

For many spouses who run a profitable, unincorporated small business together, filing taxes can be confusing. Here are some of the most common challenges to look out for. Classification: the partnership issue In many cases, the federal government classifies unincorporated businesses owned by two spouses as a partnership. This means you’ll need to file an…

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Understanding Percentage-of-Completion Method
Understanding the Percentage-of-Completion Method 850 500 smolinlupinco

Understanding the Percentage-of-Completion Method

If your business handles projects that take longer than a year to complete, you’ll need the “percentage-of-completion” method to recognize the associated revenue. Let’s get into how and why to do this. Percentage-of-completion vs. completed contract Individuals and businesses who perform work on long-term contracts—like developers, engineering firms, creative agencies, and homebuilders—typically report financial performance…

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How Investment Swings Affect Taxes
How This Year’s Investment Swings May Affect Your Taxes 850 500 smolinlupinco

How This Year’s Investment Swings May Affect Your Taxes

If you’ve noticed market fluctuations leading to significant gains or losses on your investments this year, you might be wondering how this will impact your 2023 tax returns. It’s hard to say with complete certainty since nothing is decided until the final results of your trades at year’s end. However, you can still take measures…

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Tax Rules depreciating business assets evolving. What to expect.
Tax Rules for depreciating business assets are evolving. Here’s what to expect. 850 500 smolinlupinco

Tax Rules for depreciating business assets are evolving. Here’s what to expect.

The Tax Cuts and Jobs Act relaxed the rules for depreciating business assets. Each year, the amounts change in proportion to inflation adjustments. With the remarkably high inflation rate we saw in 2023, this year’s adjustments are significant. Here’s what you need to know for your small business. Section 179 deduction amounts The maximum Sec.…

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Planning sell property How profits taxed
Planning to sell your property? Here’s how your profits could be taxed. 850 500 smolinlupinco

Planning to sell your property? Here’s how your profits could be taxed.

Across the United States, home values have risen dramatically over the last few years. The median price of existing home sales increased 1.9% between July 2022 and July 2023, and there were even larger increases in previous years. While the upward trend appears universal, median home prices have varied by region: Northeast: $467,000Midwest: $304,600South: $366,200West:…

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New Report Identifies High Risk Areas Financial Reporting
Don’t Get Caught Off Guard: New Report Identifies High-Risk Areas for Financial Reporting 850 500 smolinlupinco

Don’t Get Caught Off Guard: New Report Identifies High-Risk Areas for Financial Reporting

In July, the Public Company Accounting Oversight Board (PCAOB) published a report highlighting opportunities for improvement when it comes to audits for public companies.  As private companies experience challenges similar to those of public companies when reporting their financial outcomes, this report may also be useful for internal accounting personnel and external auditors in pinpointing…

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Tax Consequences Employer-Provided Life Insurance
The Tax Consequences of Employer-Provided Life Insurance 850 500 smolinlupinco

The Tax Consequences of Employer-Provided Life Insurance

When considering whether to accept your current position, you probably viewed employer-provided life insurance as a perk. If your benefits package includes group term life insurance with coverage above $50,000, though, you could feel differently come tax time.  Invisible “income,” higher taxes The IRS doesn’t include employer-provided life group term life insurance coverage up to…

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Overhead allocations: Increasing costs require fresh approach
Overhead allocations: Dealing with increasing costs requires a disciplined mindset and a fresh approach 850 500 smolinlupinco

Overhead allocations: Dealing with increasing costs requires a disciplined mindset and a fresh approach

In the last few years, many overhead costs—like utilities, insurance, interest expense, and executive salaries—have skyrocketed, causing some companies to pass along some of the burden to customers by charging higher prices for their goods and services.  If you’re feeling the squeeze from these increases, you might be asking yourself if upping your prices is…

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Moving mom or dad to nursing home? Tax implications.
Moving mom and dad into a nursing home? Consider the tax implications of this new situation 850 500 smolinlupinco

Moving mom and dad into a nursing home? Consider the tax implications of this new situation

According to reports, nearly 1.5 million Americans are living in nursing homes. This is a big number, even if it represents just half of a percent of our population, so it’s difficult to imagine—until it becomes a reality for your family.   If you have a parent moving into a nursing home or long-term healthcare facility,…

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Corporate officers, shareholders: Expenses paid personally
Corporate officers or shareholders: How should you treat expenses paid personally? 850 500 smolinlupinco

Corporate officers or shareholders: How should you treat expenses paid personally?

If you play a major role in a closely held corporation, you might occasionally spend personal funds on corporate expenses. Unless you take the necessary steps, these expenses could end up being nondeductible by either an officer or the corporation. This issue is more likely to occur with a financially troubled corporation. What can’t you…

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Catch a tax break for making energy-efficient home improvements this summer 850 500 smolinlupinco

Catch a tax break for making energy-efficient home improvements this summer

According to the National Weather Service, nearly 190 million Americans have been under a heat advisory this summer. These scorching months might have you thinking about ways to make your home more energy efficient so that you don’t pay utility prices that are just as high as the heat index. If you do decide to…

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seniors deduct medicare premiums from taxes
With Accounts Receivable, Quality Matters 1275 750 smolinlupinco

With Accounts Receivable, Quality Matters

For plenty of companies, an important line item on the balance sheet is accounts receivable (AR). The question is, can you take the amount reported at face value, or is there more to it than meets the eye? It’s critical to dig deeper into your numbers to understand the true quality of your AR. Your…

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