Jeff's Blog

Thoughts from Our Managing Partner and Other M&S Thought Leaders

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...
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...
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...
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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