If there is one question we get more than any other it's, "How do I lower my taxes?" So, we did a #podcast on that exact topic. This week's episode focuses on maximizing tax deductions, which can potentially lower your tax bill. The topics include recent rule changes for meals and entertainment, dues, and automobile deductions. We also [...]
Do you receive income other than regular wages during the year? Notably, you may be required to pay quarterly installments of “estimated tax” for this year, especially if you are self-employed or retired and living mainly on investment income. The due date for the next installment—the third one for the 2023 tax year—is September 15, [...]
When you exchange real property used for business or held as an investment solely for other business or investment property that is the same type or “like-kind”, it is known as a like-kind exchange under United States tax law. It is also known as a 1031 exchange. The swap transactions, when structured properly, allows for [...]
The new SECURE 2.0 law creates a band-new tax credit for small businesses that encourages retirement saving by spouses of military personnel. Call to arms: A qualified employer with 100 or fewer employees last year is eligible for a $200 credit if a military spouse participates in a defined contribution plan such as a 401(k). [...]
We recently did a podcast with Andrew Hudson, President of Pritchett-Moore, where we discussed a lot of construction/contractor-specific insurance and bonding needs. As part of that discussion, Andrew provided the following information to help new contractors understand the needs that bonding sureties will require from them.Financial Information: CPA Audit or Reviewed statements done on a [...]
Naturally, corporations can claim large business expense deductions, but that does not mean that small business owners, including self-employed individuals, are left out in the cold. Following are seven common write-offs available to self-employeds. Health and dental insurance: Yes, a self-employed individual can currently deduct the full cost of health and dental insurance, just like [...]
The Alabama Department of Labor has released its 2023 Tax Rate Notices in the last few weeks. Since paper copies of these notices are no longer mailed, employers should log into their Alabama Department of Labor eGov account to access the 2023 rate notice. We have seen significant changes in the rates for 2023, so it [...]
Carl Jamison and Bobby Bragg are joined by guest Alex Flachsbart of OPAL or Opportunity Alabama. "Opportunity Zones” were created in the Tax Cuts and Jobs Act of 2017. Tax nerds call that the TCJA. It’s hard to believe that we are now almost five full years from their creation. These zones encourage private sector [...]
We are really excited to share that we are launching a new podcast to help people grow as business owners. We advise many thousands of business owners every year, and as a result, felt it was time to start having those on camera to help leverage those discussions for more people to enjoy. We also [...]
Summer is a time for R&R, but also offers tax-saving opportunities for individuals and small business owners. Here are seven ways to reduce tax liability this summer. Host an employee gathering. Prior to 2018, your business could deduct 50% of the cost of qualified business entertainment expenses. But this deduction has generally been eliminated. Key [...]