Article Highlights: What is unclaimed property? How can you find unclaimed property? Is the unclaimed property you find taxable? What are your chances of finding unclaimed property in your name? Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of […]
In the dynamic world of start-ups, securing funding is the lifeblood of growth and innovation. However, as interest rates begin to rise, entrepreneurs find themselves facing a new set of challenges. In this article, we’ll explore the multifaceted impact of rising interest rates on start-up fundraising and delve into strategic approaches to navigate this shifting […]
Article Highlights: October 16, 2023 is the extended due date for 2022 federal 1040 returns. Late-filing Penalty Interest on Tax Due Other October 16 deadlines If you could not complete your 2022 tax return by April 18, 2023 and are now on extension, that extension expires on October 16, 2023. Failure to file before the […]
October 2023 Individual Due Dates October 2 – Fiduciaries of Estates and Trusts File a 2022 calendar year return (Form 1041). This due date applies only if you were given an extension of 5½ months. If applicable, provide each beneficiary with a copy of their Schedule K-1 (Form 1041) or a substitute Schedule K-1.s October […]
Article Summary: Home Sale Exclusion Primary Residence Second Home Fixer-upper Rental With careful planning, and provided you follow the rules, the tax code allows you to use the home sale gain exclusion every two years. Let’s assume you own a home, perhaps a second (vacation) home, or maybe are even thinking about buying a fixer-upper […]
A recent Stanford study reviewed the aftermath of the Enron collapse and the repercussions to Enron’s accounting firm’s former clients. The primary trend they identified was when former clients issued accounting restatements or revisions because of less-than-accurate bookkeeping; there was an increase in the salary demands at the affected companies. The takeaway is that risky […]
Article Highlights: Sale of a Rental Property Converted to a Personal Residence Exclusion of Gain on Sale of Personal Residence – The Ownership and Use Tests Partial Exclusion of Gain The Impact of a Rental Period After 2008 Depreciation Recapture Reporting the Sale Deductions When a Rental Property Is Converted to a Personal Residence Converting […]
The kids are back in school! Things like student loans, scholarships, and fellowship grants can play a role in parents’ and college students’ tax liability. Let’s look at how education costs can impact your taxes. Student Loan Forgiveness Student debt is a hot topic. As of July 2023, total U.S. student loan debt stood at […]
Article Highlights: Predicting Social Security Income Planning for the Future Employer Retirement Plans Tax Incentive Retirement Savings Plans Are you ignoring your future retirement needs? That tends to happen when you are younger, retirement is far in the future, and you believe you have plenty of time to save for it. Some people ignore the […]
September 2023 Individual Due Dates September 1 – 2023 Fall and 2024 Tax Planning Contact this office to schedule a consultation appointment. September 11 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your […]