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Tax Insights

Get Ready for the 2023 Gift Tax Return Deadline

February 26, 2024

Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required.

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Tax-Favored Qualified Small Business Corporation Status Could Help You Thrive

February 12, 2024

Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea.

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Don’t Overlook Taxes When Contemplating a Move to Another State

January 29, 2024

When you retire, you may think about moving to another state — perhaps because the weather is more temperate or because you want to be closer to family members. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complex than you think.

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Defer a Current Tax Bill with a Like-Kind Exchange

January 22, 2024

If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. With this transaction, you exchange the property rather than sell it. Although the real estate market has been tough recently in some locations, there are still profitable opportunities (with high resulting tax bills) when the like-kind exchange strategy may be attractive.

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A Cost Segregation Study May Cut Taxes and Boost Cash Flow

January 16, 2024

Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow.

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The Social Security Wage Base for Employees and Self-Employed People Is Increasing in 2024

December 22, 2023

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase for employees and self-employed people.

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What Types of Expenses Can’t Be Written Off By Your Business?

December 11, 2023

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of Section 162, which states you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”

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Spouse-Run Businesses Face Special Tax Issues

December 4, 2023

Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues.

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Update on Depreciating Business Assets

November 20, 2023

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to know.

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