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The tax rules of renting out a vacation property

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year. The tax treatment depends on how many days it’s rented and your level...
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Tax breaks for businesses and self-employed taxpayers

As the 2021 tax filing season progresses, small businesses and self-employed taxpayers should make certain they are taking advantage of all of the tax deductions and...
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Establish a tax-favored retirement plan

If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant...
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The tax rules of renting out a vacation property

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out...
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5 TAX PLANNING TIPS FOR RETIREES

There’s a common misconception that, when you retire, your tax bills shrink, your tax returns become simpler and tax planning is a thing of the past. That may be true for some, but many people find that the combination of Social Security, pensions and...
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Are you liable for “nanny taxes”?

If you employ household workers — which may include nannies, babysitters, housekeepers, cooks, gardeners, health care workers and other employees — it’s important to understand your...
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When can you deduct business-related meals and how much can you deduct?

The Tax Cuts and Jobs Act (TCJA) permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer...
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5 considerations to streamline your tax provision year-end close while also planning for possible tax law changes

It’s December. If you’re behind with the year-end close process or are concerned about accounting for potential last-minute federal tax changes, these considerations — many of...
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TOP FIVE WORKPLACE COMPENSATION AND BENEFITS TRENDS

Many employers are giving employees greater flexibility to work alternative schedules, including hybrid arrangements (i.e., some in-person and some remote work) or continuing to work entirely...
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COVID-19 and Your Taxes

By: Mike McCarthy, CPA, CVA | Managing Partner at Hancock Askew As published in The Beacon Magazine – June 2020 Edition As a result of the...
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