Superior Results. Delivered.
Blog
Self-Employed? Don’t Overlook Valuable Tax Deductions
If you’re self-employed, you probably have questions about deducting business expenses on your federal income tax return. Here’s a quick overview of the filing requirements for sole proprietors and independent contractors, and five examples of expense deductions that are commonly overlooked or misunderstood. Filing basics Sole proprietors and independent contractors must report their business activity [...]
FAQs About Valuing Goodwill in Marital Dissolutions
When a marital estate includes a closely held business, the value of goodwill often becomes a contentious issue. Goodwill is an intangible asset that can have substantial value. However, whether it’s considered a marital asset depends on case facts, state law and legal precedent. A business valuation professional can help you navigate this complex issue. [...]
Should You Make After-Tax, Non-Roth 401(k) Contributions
If you participate in a company 401(k) plan, you already know that you can make pre-tax contributions up to the annual elective deferral limit to a traditional, tax-deferred account. If your 401(k) plan offers a Roth option, you can use part or all of your limit to make after-tax contributions to a Roth account instead. [...]
Beware of Potential Tax Issues When Selling Self-Created Intangibles
Many modern businesses rely on intangible assets, such as goodwill, trademarks and customer lists. But the IRS doesn’t treat all intangibles the same way. Questions about how these assets are taxed often arise when a business is sold, ownership changes hands, or intellectual property is licensed or transferred. Generally, intangibles qualify as capital assets that [...]
What Your Industry Might Say About Preventing Fraud
Research by the Association of Certified Fraud Examiners (ACFE) and others has consistently found that some industries suffer higher fraud losses than others. For example, according to the ACFE’s Occupational Fraud 2026: A Report to the Nations, the median fraud loss per incident for the mining, real estate, energy and wholesale trade sectors is $220,000 [...]
Protect Yourself from Fraudsters Impersonating the IRS and Other Tax Scams
Tax scammers continue to target taxpayers through email, text messages, phone calls and regular mail. They often try to create urgency or fear to trick victims into sharing sensitive information or sending money. The IRS warns taxpayers to remain cautious because scammers continually change tactics to steal personal and financial information. IRS impersonation scams First [...]
3 Methods Business Valuation Pros Use to Calculate Lost Profits
Business disputes often involve more than determining who was at fault — they also require measuring the financial harm caused by a particular action or event, typically in the form of lost profits. However, estimating lost profits is rarely straightforward. Operational challenges and broader economic factors unrelated to the alleged wrongdoing can influence business performance. [...]
Self-Employed? Don’t Overlook a Roth IRA
Some small business owners overlook Roth IRAs because they assume their income is too high for them to qualify to make Roth contributions. Others may think their current tax rate is higher than it will be in retirement, making current tax deductions more valuable than future tax-free distributions. However, if you don’t at least consider [...]
Consider Your Potential Charitable Deduction Before Donating Artwork
If you give artwork to charity, the deduction you can claim depends on several factors, including the type of organization receiving the piece and how it will be used. Special substantiation and appraisal rules may apply as well. Relation to charitable function Your deduction for a donation of art will generally be reduced if the [...]
Behavioral Analytics Can Be Your Fraud Early-Warning System
Occupational fraud often starts with an employee’s small behavioral change. For example, a salesperson might suddenly download an unusually large amount of customer data. Or an accounting staffer might access vendor records outside of normal working hours. Behavioral analytics help detect such anomalies by tracking electronic device, website and other digital activities (often using AI) [...]
What’s a “Small Business”, and Why Does it Matter?
Although your business may seem big to you, you may wonder how the government classifies it for tax purposes. If your organization qualifies as a “small business,” you may enjoy several important tax advantages. But the rules for specific tax provisions vary. So, depending on your size, you might be eligible for some so-called small [...]
Moving to a New State? Review the Tax Implications First
Whether you’re relocating for work, retirement, family or lifestyle reasons, state taxes can have a significant financial impact. Taxes vary widely from state to state. And establishing residency for tax purposes may be more complicated than you expect. Before moving, be sure you understand how changing states could affect your overall tax situation. A variety [...]
Restructuring? Put a Business Valuation Professional on your Team
Filing for bankruptcy doesn’t necessarily mean you close shop. Many distressed businesses decide to reorganize instead. This option provides a path for continued operations. Here’s how a business valuation professional can provide insight during this process — and help your business thrive going forward. Recent trends Continued economic uncertainty has caused many businesses to struggle [...]
Tax Identify Theft: Businesses Are At Risk Also
Tax identity theft isn’t limited to individual taxpayers — businesses are also targeted through their Employer Identification Numbers (EINs), payroll systems and tax filings. The financial impact of these crimes can be significant. Businesses may face delayed or stolen tax refunds, unauthorized payroll filings, and the time and expense of resolving IRS issues. There may [...]
Affordable Ways to Protect Your Small Business from Fraud
When it comes to fraud, small business owners can feel like they’re between a rock and a hard place. On the one hand, the Association of Certified Fraud Examiners (ACFE) has found that companies with fewer than 100 employees suffer higher losses per occupational fraud scheme than their larger peers ($141,000 vs. $130,000 for companies [...]
Disclaimer
This blog is designed to provide competent and reliable information regarding the subject matter covered. However, it is being provided with the understanding that the blogmaster is not engaged in rendering investment advice. Laws and practices often vary from state to state and if investment assistance is required, the services of a licensed investment professional should be sought. The blogmaster resolutely encourages the reader/viewer to do their own research and due diligence before acting on any information contained herein. As such, Roger Rossmeisl specifically disclaims any liability that is incurred from the use or application of the contents of this blog. It should also be noted that the views contained in this blog are not necessarily representative of the opinions/beliefs of the other owners, management and/or employees of Kho & Patel CPAs.
