Category: Tax Strategy
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How to Determine When Business Travel Expenses are Deductible
August 16th, 2023
Here is a summary of key definitions and an overview of the nuances that may exist under certain work arrangements.
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Philadelphia Issues Guidance on BIRT and NPT Treatment of Amendments to IRC Section 174
June 29th, 2023
The ever-changing landscape of tax laws and regulations can often leave business owners scratching their heads, trying to navigate complex amendments and understand their implications. In Philadelphia, a recent development regarding the treatment of amendments to Internal Revenue Code (IRC) Section 174 has prompted this alert.
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Understanding State Sales Tax and Drop Shipping
May 31st, 2023
The popularity of the drop shipping business model has taken off as a result of e-commerce. Consequently, states have turned their attention to auditing companies engaged in drop shipping and remote sellers are now responsible for collecting sales taxes when they have met certain thresholds. Drop shipping is a business model in which the retailer […]
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3 Key Items to Consider in Your Exit Planning Strategy
April 25th, 2023
Planning for an exit from your business is a marathon, not a sprint. The exit should be the last step of a multi-stage process for a business owner. The exit planning process generally begins years in advance of the exit and requires discipline, strategy, and patience. Here are three key items to address in the […]
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Using Your Health Savings Account as a Tax and Retirement Planning Tool
February 14th, 2023
Health Savings Accounts (HSAs) have grown in popularity over the past decade as more employers and employees opt into high deductible health plans (HDHP). Below is an overview of the tax benefits as well as important facts regarding participating in HSAs. Tax Deductibility Maximum Contribution for 2023: Maximum contributions for those participating in a HDHP […]
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2022 Year-End Tax Policy Considerations
December 12th, 2022
The November midterm election resulted in a divided Congress going into 2023. This creates challenges for Congress to pass any large tax legislation over the next couple of years. Given this reality, businesses and their owners are likely to plan for taxes more easily assuming the current tax law will likely remain unchanged. However, consideration […]
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4 Rules Surrounding Like-Kind Exchanges
May 27th, 2022
Most business owners have heard of a like-kind exchange, or a 1031 exchange using tax parlance. A 1031 exchange is a very formal process which is codified through the Internal Revenue Code in IRC 1031 and the underlying regulations. A 1031 exchange allows a business owner, or an investor, to defer capital gains on the […]
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SECURE 2.0 Provides More Retirement Opportunities and Flexibility
April 26th, 2022
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in late 2019, greatly expanded retirement tax benefits to companies and their employees. The Securing a Strong Retirement Act, or SECURE Act 2.0, looks to build upon the 2019 Act and provide further retirement opportunities to employers and employees. The legislation has significant bipartisan […]
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Understanding Your Company’s Retirement Plan is Key to Your Tax Planning Strategy
February 18th, 2022
Many companies offer the common 401(k) retirement to their employees, including the owners. Oftentimes, owners and their employees are unaware of additional planning strategies that are available to them that could improve their personal tax situations. The Basics The traditional 401(k) retirement plan allows an employee to make pre-tax contributions up to certain limits. The […]
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Could the Work Opportunity Tax Credit Save Your Company Money When Hiring New Employees?
December 3rd, 2021
As we continue to navigate through the pandemic, many employers are facing hiring needs. With the high demand for employees, businesses may find themselves looking to different pools of applicants than they did before. What business owners may not know, however, is that they may be able to receive a federal tax credit to subsidize […]