NKSFBTax Insights
What’s the Best Accounting Method Route for Business Tax Purposes?
March 18, 2024
Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes.
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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.
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.
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.
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.
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.
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.