COULD YOU HAVE TO PAY A PARENT’S NURSING HOME COSTS?

By |2022-08-18T08:42:53-04:00February 21st, 2022|Accounting and Auditing, Estate planning, Retirement, Taxation|

Given the steep cost of nursing homes, planning for long-term care is critical.  This holds true not only for you, but also possibly for aging parents if they’re still in your life. One important question to consider is whether you could be held financially responsible for your parents’ nursing home bills if they can’t afford [...]

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3 FINANCIAL LESSONS OF THE PANDEMIC

By |2022-08-18T08:42:53-04:00February 14th, 2022|Accounting and Auditing, Business, Taxation|

The onset of the COVID-19 pandemic in March 2020 disrupted the personal finances of many families who were negatively affected by job losses, reduced income, sickness and other challenges.  This included families across the economic spectrum and workers in a wide range of both blue-and white-collar industries. The virus’s rapid and continued spread – and [...]

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GET MORE WORMS BY FILING YOUR TAXES EARLY

By |2022-08-18T08:42:54-04:00February 7th, 2022|Accounting and Auditing, Taxation, Uncategorized|

They say the early bird gets the worm.  Early federal income tax filers may get a couple worms, which is a good thing in this metaphor. Although it may seem like a quaint tradition to wait until the deadline – usually April 15, but actually April 18 in 2022 – there’s more than one valid [...]

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IMPOSTER FRAUD TARGETS MILITARY MEMBERS AND VETS

By |2022-08-18T08:42:55-04:00January 24th, 2022|Accounting and Auditing, Taxation|

According to the Federal Trade Commission, veterans lost approximately $60 million to fraud in 2020.  Among the greatest fraud threats to this group is “imposter” fraud. In this scheme, a criminal calls, emails or texts potential victims and pretends to be working for the Veterans Administration (VA) or another government agency.  Perpetrators might claim they [...]

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TRACKING DOWN DONATION SUBSTANTIATION

By |2022-08-18T08:42:55-04:00January 17th, 2022|Accounting and Auditing, Taxation|

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2021 donations. But what happens if you haven’t received such a letter?  Can you still claim a deduction for the gift on your 2021 income tax return? It depends. WHAT’S REQUIRED To support a charitable deduction, you [...]

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COULD YOUR COMPANY USE A HEAVY SUV?

By |2022-08-18T08:42:56-04:00January 10th, 2022|Accounting and Auditing, Business, Taxation|

Many businesses need to invest in heavy sport utility vehicles (SUVs) to transport equipment and provide timely services.  Fortunately, they may be able to claim valuable tax deductions for the purchases.  If you’re thinking about buying one, be sure to brush up on the tax rules first. BONUS DEPRECIATION Under current law, 100% first-year bonus [...]

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