Thoughts from Our Managing Partner and Other M&S Thought Leaders
July 30, 2019
With summer upon us, vacations are at the top of everyone's mind. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you might not qualify for the write-offs you’re expecting. Basic rules Business travel expenses can potentially be deducted if...
July 27, 2019
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. While it is not at the top of the list when preparing for a move, do not forget to factor in your state tax situation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Here are a few items to keep in mind. Identify all...
July 23, 2019
If you’re a business owner, there are tax breaks (and other nontax benefits) on the table if you hire your children or grandchildren this summer. They can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, Realize payroll tax savings (depending on the child’s age and how your business...
July 18, 2019
It's common for you to associate your CPA with historical financial data and performance; after all, audits and tax returns typically report what has already happened. But don't forget you can hire one to help predict how a company will perform in the future, too. Prospective reporting options There are three types of reports to choose from when predicting future performance: Forecasts. These...
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Submitted by admin on Wed, 2017-06-21 09:20