Sep 1, 2024 | Tax Talk Tuesdays
If you’re paying for higher education, two federal tax credits can help students lower their taxes: the American Opportunity Tax Credit and the Lifetime Learning Credit. The student for whom the credits are claimed can be the taxpayer, their spouse, and their...
Aug 26, 2024 | Tax Talk Tuesdays
Whether you plan to give financial gifts during your lifetime or leave your estate behind after you pass, the unified tax credit offers a way to reduce the tax burden. This lifetime credit merges gift and estate taxes, giving you flexibility in distributing your...
Aug 19, 2024 | Tax Talk Tuesdays
The Corporate Transparency Act (CTA) of 2021 requires entities to report beneficial ownership information (BOI) to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) starting January 1, 2024, to enhance transparency and combat...
Jul 25, 2024 | Blog Posts
Richard Skinner, CPA, has been promoted from Audit Manager to Partner at Stephano Slack. Rich will play a crucial role in guiding strategic initiatives and client relations for the DE office. He has distinguished himself through his exceptional leadership and his...
May 31, 2024 | Blog Posts, Tax
An employee stock option plan (ESOP) is an often-overlooked exit strategy for business owners. An ESOP is a qualified retirement plan that gives employees ownership in the company through stock. They are flexible, allowing owners to slowly sell their shares over time...
May 31, 2024 | Blog Posts, Tax
From 2017 to 2022, there were several wide sweeping changes to the Tax Code. From the tax cuts created by the 2017 Tax Act to the legislation passed in 2020 and 2021 in response to the Covid pandemic. These tax law changes have effected most US taxpayers. However,...
May 31, 2024 | Blog Posts, Tax
The Tax Reduction and Jobs Creation Act of 2017 (The 2017 Act) reduced the number of taxpayers who might be subject to Estate Tax upon their death. The Estate Tax exempts estates under a specific exemption amount. For 2024, the exemption amount is $13.6 million or for...
May 31, 2024 | Blog Posts, Tax
Today’s topic for Tax Tip Friday is Backdoor Roth IRAs. While Roth IRAs are very popular, many high income taxpayers are unable to contribute due to Modified Adjusted Gross Income (MAGI) limits. The backdoor Roth IRA is a strategy that allows high income taxpayers,...
May 31, 2024 | Blog Posts, Tax
If you’re 70 ½ or older and have a traditional IRA account, you might want to explore the option of making a Qualified Charitable Distribution (QCD). With the ongoing increase in standard deductions, many taxpayers find themselves unable to itemize deductions,...
Feb 26, 2024 | Blog Posts, Tax
In Week Five of our CTA Series, we’re exploring the intricacies of inactive entities exempt from BOI reporting. According to FinCen, specific criteria must be met for an entity to qualify as inactive. Let’s dive into these criteria and unravel the essentials. 1. The...
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