Addressing the Accountant Shortage In a Changing World
While technology firms are laying off thousands of workers, companies of all types and sizes are in a war for talent in another STEM-related (science, technology, engineering, and math) field: accounting. The demand for accountants is soaring across industries, from international corporations to local CPA offices anticipating retirements. However, the current shortage of accountants is […]
Securing Your Business’s Future: Mastering Succession Planning
For many business owners, the future is uncertain. Would you like to ensure the long-term success of your enterprise, reducing stress and providing peace of mind? That’s where succession planning comes in. Every successful business gets to that point thanks to careful planning and strategic foresight. While most business owners focus on maximizing present success, […]
Has Tax Reform Taken Away Your Home Mortgage Interest Deduction?
Article Highlights: Background New Limit Equity Debt Interest Interest Tracing Refinancing The Tax Cuts and Jobs Act of 2017, more commonly referred to as tax reform, substantially altered the itemized deduction for home mortgage interest and affects just about everyone who has been deducting their home mortgage interest as an itemized deduction on their […]
Unlocking Financial Benefits for Heroes: How Retired Public Service Officers Can Save Big on Health Insurance
Article Highlights: Public Safety Officers Medical Insurance Pension Distribution Exclusion The Public Safety Officers’ Benefits (PSOB) Program Tax-Free Health and Disability Benefits Deductible Retirement Plan Contributions Special Tax Treatment for Early Retirement Distributions Public safety officers, including police officers, firefighters, emergency medical technicians (EMTs), and other first responders, dedicate their lives to serving and protecting […]
Tax Reform Has Substantially Altered the Tax Benefits of Home Ownership
Article Highlights: Pre-Tax Reform Home Mortgage Interest Deduction o Home Acquisition Debto Home Equity Debt Tax Reform Mortgage Interest Deduction Changes o Home Acquisition Debto Home Equity Debt Tracing Equity Debt Refinancing Property Taxes As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage […]
Navigating Potential Changes in Capital Gains Tax: What Business Owners and Boomers Need to Know
As a business owner or a baby boomer planning to sell your business or a significant real estate asset, understanding potential changes in capital gains tax is crucial. President Biden’s FY 2025 budget proposal includes significant tax reforms aimed at wealthier taxpayers, which could impact your financial planning. While these proposals are not yet law, being informed […]
CASUALTY LOSSES
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
How Becoming a Real Estate Professional Unlocks Tax Advantages for Landlords
Article Highlights: Qualifications To Be a Real Estate Professionalo More than Half of Personal Services in Real Property Trades or Businesseso Minimum of 750 Hours of Services Tax Ramifications of Being a Real Estate Professionalo Treatment of Rental Real Estate Activitieso Material Participation and Record-Keepingo Election to Aggregate Rental Real Estate Interestso Closely Held C Corporations In the […]
Deducting the Costs of Modifications for Senior-Proofing a Home
Article Highlights Improvements for Medical Care or Treatment Improvements That Increase the Home’s Value Improvements That Do Not Increase the Home’s Value Medical AGI Limitations While Americans may argue about any number of hot-button political topics, there’s no disagreement on one issue: the country’s population is aging…fast. According to the Social Security Administration, 10,000 baby […]
Revealing Financial Rewards: The Ultimate Guide to Tax Benefits for Childcare Providers
Article Highlights: Understanding Business Deductionso Meal Deductionso Simplified Meal Deduction Methodo Deducting the Business Use of Homeo Deducting Toys, Supplies, and Other Expenses Additional Considerationso Retirement Planso Local Business Taxo State Licensingo Liability Insurance Childcare providers play a crucial role in supporting families and the economy by offering essential services that allow parents to work or pursue […]