Partners for Today Foundations for Tomorrow

If you are 72 or older by year end, do not forget to distribute your Required Minimum Distribution (RMD) from your IRA for 2022 prior to year-end. If you are concerned your income may be higher than planned and do not need the RMD for cashflow, consider making a Qualified Charitable Distribution. A Qualified Charitable Read more...

Sometimes you might have property that has increased in value over time known as appreciated property. In deciding what to do with an appreciated property, it is good to consider the tax benefits of donating appreciated property to a qualified charitable organization. Appreciated property held for more than one year may be donated to a Read more...

Generally, if individuals are self-employed or have flowthrough income, they may be required to make estimated tax payments. Since your income may fluctuate throughout the year, the IRS offers a safe harbor rule to avoid penalties for underpayment. For taxpayers with prior year adjusted gross income (AGI) of $150,000 or less, the taxpayers may pay Read more...

With the end of the year quickly approaching, one of the things you might beginning to consider is whether it would be a good idea to open an Individual Retirement Account (IRA). There are three basic types of IRAs to be covered in this article: Traditional IRA, Roth IRA, and SEP IRA. Traditional IRAs and Read more...

As the end of 2022 approaches, every business owner should review their financials and determine which vendors and contractors will need to receive a Form 1099.  If your business rents its office space, then a 1099-MISC may need to be issued or a technology consultant may need to receive a 1099-NEC. The filing requirements for Read more...

Thinking about establishing a retirement plan for your business? One option to consider is a Simplified Employee Pension (SEP). A SEP is an individual retirement account that an employer or a self-employed person can establish and make pre-tax contributions to on behalf of its employees. Employees cannot contribute to their accounts as they are exclusively Read more...

If there is furniture, equipment, or other items you are considering for your business, now may be the time to purchase. This is the final year to take advantage of 100% Bonus Depreciation under the Tax Cuts and Jobs Act (TCJA). Beginning in 2023, the Bonus Depreciation benefit will be reduced each year until 2027 Read more...

The holiday season is a time of joy and gift giving. As you prepare your year-end gifts, here are some things to consider for tax purposes. A gift is any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money’s worth) is not received in return. The general rule Read more...