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Advertising and Marketing Costs May Be Tax Deductible
November 1, 2021
By: HintonBurdick
As a small business owner, you may be able to deduct advertising and marketing expenses that help them bring in new customers and keep existing ones. Even better is that these deductions help small businesses save money on their taxes. Generally, small …
Reporting Gambling Income and Losses
October 1, 2021
By: HintonBurdick
If you aren’t in the trade or business of gambling, you should be aware that gambling winnings are fully taxable and must be reported as income on your tax return. Gambling income includes but isn’t limited to winnings from lotteries, raffles, horse ra …
Closing Your Business: A Tax Checklist
October 1, 2021
By: HintonBurdick
Many small businesses have closed due to COVID-19. If yours is one of them, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors – you must also take certain actions as …
E-Signatures Extended for Many Tax Forms
October 1, 2021
By: HintonBurdick
To help reduce the burden to taxpayers brought about by the coronavirus pandemic, the use of electronic or digital signatures on certain paper forms they normally cannot file electronically have been extended through December 31, 2021. Let’s take a loo …
IRAs: Terms to Know
October 1, 2021
By: HintonBurdick
IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account, here’s a basic overvi …
Per Diem Rates Updated for FY 2021-22
October 1, 2021
By: HintonBurdick
Per diem rates have been updated for FY 2021-22 and are effective October 1, 2021. These allowances substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from home and include lodging, meal, and incid …
If You Receive an IRS Letter or Notice
October 1, 2021
By: HintonBurdick
The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with without calling or visiting an IRS office. Here’s what you need to know about IRS notices and letters: Reasons You …
Use These Strategies To Pass on Wealth to Heirs
October 1, 2021
By: HintonBurdick
Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free, as well as minimize estate taxes. Additional opportunities are avai …
Defer Capital Gains Using Like-Kind Exchanges
October 1, 2021
By: HintonBurdick
If you’re a savvy investor, you probably know that you must generally report as income any mutual fund distributions, whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and pay any capital ga …
Small Business: Tips for Ensuring Financial Success
October 1, 2021
By: HintonBurdick
Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Probably not. While you may wish it was that easy, the truth is that you can’t let your business run on autopil …
