Taxable vs. tax-advantaged: Where to hold investments When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRAs, 401(k)s or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in taxable accounts. Know the rules
Did you repair your business property or improve it? Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and
Jennifer S. Wright, EA | Grand Junction Office Working from home has its perks. You can skip the commute, wear comfy clothing, keep a more flexible schedule, and you might even save money on your tax return. The home office deduction can save you a bundle, if you
The Tax Cuts and Jobs Act (TCJA) introduced a variety of tax benefits for businesses, including slashing corporate income tax rates, temporarily reducing individual rates, and it established a new 20% deduction for certain pass-through income. However, the TCJA also placed limits on several tax breaks, including the amount for
Business assets are generally reported at the lower of cost or market value. Under this accounting principle, certain assets are reported at fair value, such as asset retirement obligations and derivatives. Fair value also comes into play in M&A transactions. That is, if one company acquires another, the buyer must
Purchasing savings bonds have been a popular way for many years to set aside money for savings. Oftentimes they are given by relatives for birthdays and holidays to babies and children to save for college. In fact, you may have Series EE savings bonds that were bought many years ago,
Many manufacturing companies fail to take advantage of the generous research and development (R&D) tax credit simply because they don’t have staff working in a lab. The Internal Revenue Service’s (IRS) definition of R&D is codified at Internal Revenue Code Section 41 and its related regulations — and it may
People going through a divorce may not consider tax implications until it's too late. Both parties should take steps to minimize taxes and tax-related decisions are properly made with a tax advisor before the divorce is final. Here are four issues to understand regarding taxes and divorce. Alimony or support
Time flies when you’re busy - and running a business means you're busy all the time! Although we are still a few months from the New Year, it's not too early for to start doing some business strategic planning for next year. Here are a few ways to get started.
Audited financial statements come with a special bonus: an “audit management letter” that recommends ways to improve your business. It gives good and free advice from financial pros who’ve seen hundreds of businesses at their best (and worst) and who know which strategies work (and which don’t). If you haven’t
