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Tax Insights

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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Divorcing Business Owners Should Pay Attention to the Tax Consequences

November 13, 2023

If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it.

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Guaranteeing a Loan to Your Corporation? There May Be Tax Implications

November 6, 2023

Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on the loan and you’re required to pay principal or interest under the guarantee agreement, you don’t want to be caught unaware.

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Selling Your Home for a Big Profit? Here Are the Tax Rules

October 23, 2023

Many homeowners across the country have seen their home values increase in recent years. Be aware of the tax implications if you’re selling your home or you sold one in 2023. You may owe capital gains tax and net investment income tax (NIIT).

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The Tax Consequences of Employer-Provided Life Insurance

October 16, 2023

If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications.

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