Latest Posts

NUA Choice: A Tax Strategy to Consider If You Own Company Stock

by Firm Staff on Sep 15, 2021

Tax Planning, Retirement Planning
Do you own any of your employer’s company stock inside your employer’s 401(k), ESOP, profit sharing plan, or other retirement plan? Has it gone up in value since you got it? If so, you should start thinking about what to do with the stock when you retire or leave your employer. Your decision can have big tax consequences.

When the IRS Arrives at the Audit with the Tax Assessor's Allocation to Land and Building

by Firm Staff on Jun 8, 2021

Tax Planning
When you buy business or investment real property, such as an apartment building, you usually pay one lump sum for land, buildings, and other improvements. There’s no cost breakdown. You can’t depreciate land because it doesn’t wear out. So, as far as depreciation goes, land is useless.What you need is a way to take that lump sum and allocate it to land, buildings, improvements, and equipment.

How to Reduce Stress While Filing Business Taxes

by Guest Author - Kelli Brewer on Apr 13, 2021

Tax Planning, Business Planning
When tax season comes around, we all start to feel a little on edge. This can be even more intense for business owners, as the variety of complications — and the stakes for those complications — go way up when you’re managing a company’s taxes. The anxiety can get overwhelming, especially if it’s your first time with a new business. Here’s a look at some of the pitfalls that might arise, how to avoid them, and how to give yourself the gift of simple taxation down the road.

Deducting Disaster Losses for Individuals

by Firm Staff on Mar 12, 2021

Tax Planning, Casualty Loss
We seem to be living in an age of natural disasters. Floods, fires, hurricanes, tornados, and other disasters often dominate the news. If a disaster strikes you, the tax law may help. You may qualify to deduct a tax code-defined disaster loss from your taxable income. The rules for personal losses are complex and far more restrictive than for business losses.

4 Important Financial Tips For New Veterans

by Guest Author - Kelli Brewer on Feb 11, 2021

Tax Planning, Veterans
If you’ve been recently discharged from the armed forces — or are about to be discharged — you’re intimately aware that civilian life is vastly different from military life. The transition you’re facing is a major change in just about all aspects of your life and will have a dramatic impact on your finances. The choices and actions you take during this time can make things harder or set you up for success.