Message from BILL EVERSOLE, our CEO and Founder, to the Summit team: “Thank you for your contributions to the firm. We are most grateful that Summit has reached this milestone! It would not be possible without all of you. A special thanks to my co-founders, Lisa and Chris. We started this firm with a single…
If you’re a business owner, you need an estate plan that effectively addresses the tax impact of transferring your ownership interests to the next generation.
Are you in the process of starting a business or contemplating changing your business entity? If so, you’ll need to decide how to organize your company.
Here’s a look at the tax treatment that applies when you rent to unrelated parties and how the rules change when you rent to relatives.
Under the Corporate Transparency Act (CTA), many businesses are subject to new reporting requirements that went into effect on January 1, 2024.
Every business wants to cut costs, but it isn’t easy. We’re talking about clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs (such as wages, benefits and overhead) often aren’t viable options because the very stability of your operation…
If you own a C corporation, you know there’s a tax advantage to taking money out as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but it can’t deduct dividend payments. Therefore, if funds are paid as dividends, they’re taxed twice, once to the corporation…
The amount of life insurance that’s right for you depends on your personal circumstances, so it’s critical to review your life insurance needs regularly in light of changing circumstances.
Under the tax law, certain requirements for out-of-town business travel within the United States must be met before you can claim a deduction.
Whether you’re in the process of making a retirement or estate plan or you intend to donate property to charity, you’ll need to know the value of your assets.
Your business can attract and retain employees by providing education benefits that enable team members to improve their skills and gain additional knowledge, all on a tax-advantaged basis.
Is your business having trouble collecting payments from clients or vendors? You might be able to claim a bad debt deduction on your tax return.
If you’re self-employed and run your business from home, or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.
Does your business have multiple owners? If so, you need a buy-sell agreement.
If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale.
May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child’s scholarships are taxable, here is what you should know.
Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications.
A Section 529 program can be an especially attractive estate-planning move for grandparents. There are no income limits, and the account owner giving up to $85,000 ($80,000 in 2022) avoids gift tax and estate tax by living five years after the gift, yet has the power to change the beneficiary.
Obtaining a six-month extension to file is relatively easy, and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your federal income tax return this year, here’s what you need to know. What Is an Extension of Time to File? An extension of…
As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2022 earnings…
Excise tax is an indirect tax on specific goods, services, and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco, and other goods and services. This tax is commonly included in the cost of the product. While the end…
Here’s what small business owners need to know about tax law changes and inflation adjustments for the year ahead. Standard Mileage RatesIn 2023, the rate for business miles driven is 65.5 cents, up 3 cents from the midyear increase setting the rate for the second half of 2022 Section 179 ExpensingIn 2023, the Section 179…
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022. Personal ExemptionsPersonal exemptions are eliminated for tax years 2018 through 2025. Standard DeductionsThe standard deduction for married couples filing a joint return in 2022 is $25,900. For singles and married…
Although the chances of taxpayers being audited have declined in recent years, with taxes becoming more complicated every year, there is always the possibility that a tax mistake turns into an IRS tax audit. Avoiding “red flags” like the ones listed below could help. Claiming Business Losses Year After Year When you operate a business…
Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free and minimize estate taxes.
A Donor-advised fund is an efficient tax planning tool for high-net-worth taxpayers interested in charitable giving.
It is crucial to understand the difference between Independent Contractors and W2 earning employees.
…the SECURE Act requires all distributions to be made within ten years of death to a designated beneficiary for any account holder who passes away after December 31, 2019.
“The IRS will make advance payments of the 2021 Child tax credit from July through December to all eligible taxpayers. Eligible taxpayers do not need to do anything other than file their 2020 tax returns to receive these payments.”
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the stimulus bill that was signed into law on March 27, 2020, contains legislation to stabilize the economy during the coronavirus pandemic.
Relief for taxpayers facing the challenges of COVID-19-related tax issues is now available through the IRS People First initiative.
Small and medium-sized employers can begin taking advantage of two new refundable payroll tax credits, designed to reimburse them for the cost of providing coronavirus-related leave to their employees.
Due to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
Taxpayers should be on the lookout for calls and email phishing attempts regarding the Coronavirus, or COVID-19 that could lead to tax-related fraud and identity theft.
You can’t let your business run on autopilot and expect good results…
Many people assume tax planning is the same as tax preparation but the two are actually quite different. Let’s take a closer look…
Tax rules regarding divorce and separation can and do change…
