Tax Tips for 2022 Deductions and Exemptions

Tax Law

Standard Deduction1Deduction Single: $12,950 Joint returns & surviving spouses: $25,900 Married filing separately: $12,950 Head of household: $19,400 The standard deduction increases by $1,400 for a married taxpayer aged 65 or older or blind ($2,800 if both 65 and...

1031 Exchange: Postpone Taxes by Exchanging Property

Tax Law

The tax law provides a valuable tax-saving opportunity to business owners and real estate investors who want to sell property and acquire similar property at about the same time. This tax break is known as a like-kind or tax-deferred exchange. By following certain...

Don’t let a divorce be more taxing than necessary

Tax Law

If you’re going through a divorce, taxes may be the last thing on your mind. But divorce involves many potential tax traps and pitfalls. Here are some things to know. Alimony and child support. Through 2018, alimony is taxable income to the person who receives...

Do you want a Second Opinion on your taxes

Accounting & Finance, Legal, Small Business Services, Tax Law

One of the first things Business owners do when deciding to start a business, is find an accountant and an attorney. The business owner usually develops a relationship and sticks with his accountant for years to come. It’s important to have a trusted relationship with...

The Wayfair Decision–How it Affects Your Business

Accounting & Finance, Legal, Small Business Services, Tax Law

The potential for a whole new tax era is upon us with the Supreme Court ruling of South Dakota vs. Wayfair, Inc. also known as the “Wayfair Decision”. The 5-4 ruling overturned a previous decision and law that has prevailed since 1992, known as Quill, which...