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Tax Insights

If You Gave to Charity in 2023, Check to See That You Have Substantiation

March 11, 2024

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax return? It depends.

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If You Didn’t Contribute to an IRA Last Year, There’s Still Time

March 4, 2024

If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2024, filing date and benefit from the tax savings on your 2023 return.

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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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