April 2023

Tax news for investors and users of cryptocurrency

If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets. Check the box. Beginning with tax year 2022, taxpayers must check a box on their tax returns indicating whether they received digital assets […]

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4 ways corporate business owners can help ensure their compensation is “reasonable”

If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Therefore, if funds are paid as dividends, they’re taxed

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Strengthen strategic planning with competitive intelligence

Business owners and their leadership teams are rightly urged to engage in regular strategic planning to move their companies, thoughtfully and consciously, in a positive direction. However, no matter how sound a set of strategic objectives might be, it’s always important to bear in mind that your competitors have plans of their own. That’s why

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There’s a favorable “stepped-up basis” if you inherit property

A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an important area and is too often overlooked when families start to put their affairs in order. Under the fair market

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Take advantage of the rehabilitation tax credit when altering or adding to business space

If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic buildings. The credit is equal to 20% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building that’s also

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5 valuation terms that every business owner should know

As a business owner, you’ll likely need to have your company appraised at some point. An appraisal is essential in the event of a business sale, merger or acquisition. It’s also important when creating or updating a buy-sell agreement or doing estate planning. You can even use a business valuation to help kickstart or support

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Retirement saving options for your small business: Keep it simple

If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended

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It’s happening: Using social media for customer service

Everyone is on social media these days, including businesses and their customers. This creates a natural — or shall we say virtual — nexus for companies to field questions, comments and complaints from buyers or those interested in their products or services. In other words, whether companies realize it or not, customer service is happening

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The tax rules for donating artwork to charity

If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules may come into play in connection with such contributions. Basic rules. Your deduction for a charitable contribution of art is subject to be reduced if the charity’s use of it

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