Business losses can sting, particularly when they are large and unexpected. However, there are numerous ways the tax code can help mitigate the effects of business losses and minimize the financial damage. A key factor is timing. The earlier in the year a business owner recognizes that a loss may occur, the more likely changes can be made in the current year to minimize the financial loss before it has a significant impact.
Business losses can sting, particularly when they are large and unexpected. However, there are numerous ways the tax code can help mitigate the effects of business losses and minimize the financial...
In the ever-evolving realm of real estate, opting for either short-term or long-term rentals transcends mere convenience; it represents a choice with substantial implications for your financial strategy. At Brinker Simpson, we acknowledge the intricate nature of this decision and strive to offer a holistic viewpoint that encompasses the frequently underestimated dimension of taxation.
Understanding the nuances of tax laws, especially those pertaining to Social Security benefits taxation, is necessary for accurate tax preparation and strategic financial planning. The Internal Revenue Service (IRS) enforces distinct guidelines on how Social Security benefits are taxed, underscoring that these benefits are not always exempt from taxation. The extent to which your Social Security benefits are taxable is influenced by your overall income and tax filing status, making a clear understanding of these regulations critical for maintaining your fiscal health and ensuring compliance.
Victims of fraud often wonder why their auditors didn't flag the deception. "We got a clean opinion!" they might protest. "Why didn't they catch this during our annual audit?"
The U.S. House of Representatives on January 31 passed the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) by a vote of 357 to 70. The $78 billion bipartisan bill, crafted by Senate Finance Committee Chair Ron Wyden (D-Ore.) and House Ways and Means Committee Chair Jason Smith (R-Mo.), would revive or extend certain business tax incentives and enhance the child tax credit.
When you retire, you may think about moving to another state — perhaps because the weather is more temperate or because you want to be closer to family members. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complex than you think.
Fraud perpetrated through cyberattacks and social engineering has increased significantly over the past few years. Forensic services teams are busy helping clients navigate the negative impacts of fraud, whether caused by an internal rogue employee or an outside attack by a third party. In the present-day fraud landscape, organizations of all types must take steps to help reduce the risks of fraudulent activity.
With the new year upon us, the time has come to close the books on 2023. For many companies, January is also the beginning of the new fiscal year, and with that comes making sure your book balances are accurate. The following steps will give you a leg up on ensuring your books are correct going into 2024.