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Good Time to Review Your Investments
You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets would be adjusted so that no tax is paid on the appreciation due to inflation. While the fate of such a proposal is unknown, the long-term [...]
Background Checks on Prospective Employees
Background checks don’t inoculate companies against occupational fraud and other criminal acts by employees. After all, many thieves have never been caught and, therefore, have no criminal background. But conducting background checks on prospective employees remains critical. If you’re hiring an accounting staffer, for example, you want to know if that person is deeply in debt [...]
A Good Time to Buy Business Equipment
There’s good news about the §179 depreciation deduction for business property. The election has long provided a tax windfall to businesses. This is because it enables them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. §179 was increased and expanded by the Tax Cuts and Jobs Act (TCJA). Therefore, [...]
Digital License Plate Now Available
As posted to the Reviver Auto YouTube Channel on 5/7/18 Currently available in CA and AZ, there is a fully functional digital license plate now available. Introducing the"RPlate". Offered in two primary versions. Rplate offers a variety of benefits and features which may include: Plate Customization Customize the theme of your Rplate anytime with the [...]
Does Charitable Volunteering Yield Tax Breaks?
If you’re a volunteer who works for charity, you may be wondering . . . does charitable volunteering yield tax breaks? Yes, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Donations to [...]
Confidential Fraud Hotlines Work
(This is Blog Post #598)
Maximizing Your Social Security
As posted on the PBS News Hour YouTube Channel on 2/26/15 The longer you wait before cashing in on Social Security benefits, the greater the financial reward. But many don’t wait until age 70. There’s a range of loopholes and “secrets” that can result in maximizing your social security, a fact economics correspondent Paul Solman [...]
The Greatest Corporate Espionage Risk
It’s a federal crime to steal trade secrets. However, that doesn’t stop thieves from successfully making off with billions of dollars in intellectual property (IP) annually. Companies may work hard to prevent outsiders from infiltrating their organizations, yet the greater danger is generally internal. Here’s how to identify your business’s corporate espionage vulnerabilities and prevent [...]
Taxability of Non-Resident Pensions
In the attached audio clip (click on photo above to listen), Spidell Publishing's "California Minute" discusses a questions that comes up a lot. What is that taxability of non-resident pensions? These are situations in which you earn a pension in one state, and then retire in another. [...]
Summer Camp May Yield a Tax Break
When schools were out for the summer, you might have sent your children to day camp. It’s often a significant expense. The good news: Summer camp may yield a tax break for the cost. The value of a credit Day camp is a qualified expense under the child and dependent care credit, which is worth [...]
Stockman on the Fed’s Rate Cut
As posted to the David Stockman YouTube Channel on 7/31/19 David Stockman appears on Fox Business Network's "Cavuto: Coast to Coast" to discuss the Fed's decision to cut rates. Also discussed is the recent debt ceiling extension measure which will allow the National Debt to grow another 2T in the next two years. (This is [...]
Specific Bequests of Sentimental Value Assets
When planning your estate, you’re likely focused on major assets, such as real estate, investments and retirement plans. But it’s also important to consider specific bequests of sentimental value assets. Examples include jewelry, antiques and photographs. These personal items — which often have modest monetary value but significant sentimental value — may be more difficult [...]
M&A Transactions Necessitate Additional IRS Filing
If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important to know that M&A transactions necessitate additional IRS filing by both parties. This affords the IRS the ability to ensure the transaction was reported the same way by both parties. Otherwise, you may [...]
Social Security Benefits May Be Taxable
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you’re getting close to retirement age, you may be wondering if Social [...]
Bartering is a Taxable Transaction
Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. But know that bartering is a taxable transaction. The fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the transaction results in taxable income for [...]
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.
