The IRS recently issued its 2023 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, many amounts increased considerably over 2022 amounts. As you implement 2022 year-end tax planning strategies, be sure…
Year-end tax planning strategies to implement now Now that Labor Day has passed, it’s a good time to think about making year-end tax planning moves that may help lower your small business taxes. The standard year-end approach…
Election at entity level allows for unrestricted federal deduction on Ohio taxes Matthew D. Maker, CPA, MT, Director, Barnes Wendling CPAs A.J. Volpe, Tax Specialist, Barnes Wendling CPAs With the passage in June of Ohio Senate Bill…
Manufacturers operating in more than one state may be subject to taxation in multiple states. But with proper planning, you can potentially lower your company’s tax liability. What Is Nexus? The first question manufacturers should ask when…
Does Your Business Sell Products or Services Out Of State? You’ll need to be aware of economic nexus laws You are considered a remote seller if you sell products or services into a state in which you…
Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why would you want to? One reason might…
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather…
The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021…
The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end tax planning may be hampered by the specter of looming tax legislation. The budget reconciliation bill, dubbed…
President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in…
President Biden’s tax plan for individual taxpayers was outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains tax breaks for low- and…
A Tax Planning Discussion with Larry Friedman Join us as Tax Director Larry Friedman discusses a variety of tax changes, updates, and planning tips for 2021. He will address the following: Income Taxes The Unknown of 2021…
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