If you hold a business-related debt that’s become worthless or uncollectible, a “bad debt” deduction may allow you to cut your losses. But there are a few hoops to jump through. Business or Nonbusiness Business bad debts generate ordinary losses; nonbusiness bad debts are reported as short-term capital losses. The latter can be used only […]
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Many people dream of retiring early so they can pursue activities other than work, such as volunteering, traveling and pursuing their hobbies full-time. But making this dream a reality requires careful planning and diligent saving during the years leading up to the anticipated retirement date. It all starts with retirement savings accounts such as IRAs […]
Many people want to pass assets to the next generation during their lifetimes, whether to reduce the size of their taxable estates, to help family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that the type of assets you give can produce substantially different tax […]
With the new higher standard deductions, it has become difficult to itemize deductions for most taxpayers who historically have done so. Therefore, most taxpayers are receiving no benefit from charitable donations. However, receiving a tax benefit from charitable donations is still available for those taxpayers who are 70 1/2 or older and who are receiving […]
Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to reduce your 2019 tax bill by selling some investments — you just need to carefully select which investments you sell. Balance Gains and Losses If you’ve sold investments at a gain this year, consider selling some losing investments […]
Illinois has enacted two tax amnesty laws – one covering taxes administered by the Illinois Department of Revenue, and the other covering franchise taxes and license fees administered by the Illinois Secretary of State. These acts provide taxpayers the opportunity to pay outstanding tax liabilities and receive penalty AND interest forgiveness on taxes paid in full during the […]
Could we BE more excited?! What could be better than a night of Friends Trivia? Well, we channeled our inner UNAGI and thought, Friends Trivia for the Troops of course! All proceeds and donations received from this event will go toward our Scheffel Boyle Shares project for the year of assembling care packages for troops […]
We are excited to share that Robyn Klingler, CPA has been featured as a “Top St. Louis Employee” by St. Louis Small Business Monthly in the magazine’s annual feature. Robyn is a Manager and has been with us since 2003. With more than 20 years of experience in public accounting, she is a valuable member […]
If you’re a homeowner and manage your finances well, you might have extra cash after you’ve paid your monthly bills. What should you do with this extra money? Some would say make additional mortgage payments toward your principal to pay off your mortgage early. Others would say: No, invest those dollars in the stock market! […]
Any business owner who’s acquired, constructed or substantially improved a building this year — or even in previous years — should read up on the tax benefits of a cost segregation study. Undertaking one may allow you to accelerate depreciation deductions, which reduce current taxes and boost cash flow. Real vs. Tangible IRS rules generally […]
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