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Secure Act
SECURE 2.0: Which provisions went into effect in 2024?
6/19/2024
The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plan and tax laws. Many of its provisions are little known and were written to roll out...
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social security
Social Security tax update: How high can it go?
6/18/2024
Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax they pay. If you’re an employee If...
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hiring your child
Hiring your child to work at your business this summer
6/17/2024
With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks...
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purchase order
End purchase order chaos with a structured approval process
6/14/2024
Whether hiring contractors, buying equipment or paying vendors, many businesses struggle with the procurement process. Here are some tips for streamlining your company’s purchase order (PO) approval process. Benefits of a formal workflow POs...
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mutual funds
The tax consequences of selling mutual funds
6/11/2024
Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According to the Investment Company Institute, 116 million individual U.S. investors owned mutual funds in 2023. But...
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estimated taxes due
Figuring corporate estimated tax
6/10/2024
The next quarterly estimated tax payment deadline is June 17 for individuals and businesses, so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of...
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audit
Why audited financials matter
6/7/2024
Reliable financial reporting is key to any company’s success. Here’s why your business should at least consider investing in audited financial statements. Weighing the differences Most businesses maintain an in-house accounting system...
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mortgage
House rich but cash poor? Consider a reverse mortgage strategy
6/4/2024
Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could be a solution with a tax-saving bonus. It involves taking out a reverse mortgage. Reverse mortgage basics With...
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HSA
Inflation enhances the 2025 amounts for Health Savings Accounts
6/3/2024
The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). These amounts are adjusted each year, based on inflation, and the adjustments are announced earlier in the year than other...
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fraud
Surprise audits are proven to fight fraud
5/31/2024
Four antifraud controls are associated with at least a 50% reduction in both fraud loss and duration, according to “Occupational Fraud 2024: A Report to the Nations” published by the Association of Certified Fraud Examiners (ACFE). They...
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Image representing 415 Group Partner Rich Craig Named to Forbes Top 200 CPA  List
415 Group Partner Rich Craig Named to Forbes Top 200 CPA List
5/29/2024
  Rich Craig, managing partner at 415 Group, has been named one of the top 200 CPAs in the country by Forbes. He is one of only three CPAs from Ohio named to the list. Nationally Ranked Certified Public Accountant This was Forbes'...
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relative
You may be entitled to tax breaks if caring for an elderly relative
5/28/2024
There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks....
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corporation
Should you convert your business from a C to an S corporation?
5/27/2024
Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and...
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pitfalls
4 bookkeeping pitfalls for small businesses to avoid
5/24/2024
Accurate bookkeeping is essential to operating a successful small business. The problems created by inadequate bookkeeping practices can have significant, long-lasting consequences. Here are four common pitfalls — and how to avoid them with...
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land
A three-step strategy to save tax when selling appreciated vacant land
5/21/2024
Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated land that you want to subdivide into lots, develop them and sell them off for a big...
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assets
Tax tips when buying the assets of a business
5/20/2024
After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two...
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committee
New survey reveals top audit committee concerns
5/17/2024
Audit committees act as gatekeepers over the accounting and financial reporting processes, including the effectiveness of the company’s control environment. However, as the regulatory landscape becomes increasingly complex and organizations...
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require
When do valuable gifts to charity require an appraisal?
5/14/2024
If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct...
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C Corp
The tax advantages of including debt in a C corporation capital structure
5/13/2024
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal tax code treats corporate debt more favorably than...
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financials
It’s almost time for a midyear checkup on your company’s financial health
5/10/2024
Interim financial reporting is essential to running a successful business. When reviewing midyear financial reports, however, you should recognize their potential shortcomings. These reports might not be as reliable as year-end financials, unless a...
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