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Life Insurance Common Questions

Life Insurance: Answers to Most Common Questions

January 25, 2023
In this post, we’ll address common life insurance questions that we hear from our customers. We’ll discuss the parts of a life insurance policy, types…
Read More Life Insurance: Answers to Most Common Questions
TagsFinance, financial plan, Insurance, Life Insurance
Self-Employed Health Insurance Deduction

Self-Employed Health Insurance Tax Deduction

January 18, 2023
Tax benefits are available to self-employed individuals who pay health insurance costs. Self-employed taxpayers can deduct 100% of their health insurance costs in computing their…
Read More Self-Employed Health Insurance Tax Deduction
Tagshealth insurance, healthcare, self-employed, tax deduction, taxes
AICPA Diverse Student Internship

Smith Patrick CPAs Participates in AICPA Diverse Student Internship in 2024

January 11, 2023
Smith Patrick CPAs is helping offer opportunities to diverse students. The St. Louis-based firm has been selected by the AICPA as a co-sponsor of the…
Read More Smith Patrick CPAs Participates in AICPA Diverse Student Internship in 2024
TagsAICPA, Internship, taxes
Tax gift card Scams

Beware: Gift Card Tax Scams

January 4, 2023
After the the holiday season, gift card tax scams are common. Taxpayers should be aware of the tactics that thieves often use during this time…
Read More Beware: Gift Card Tax Scams
TagsFraud, IRS, Scam, tax, Tax audit, tax penalty, taxes
Qualified charitable distributions QCD donations

Seniors: Reduce Your Tax Burden by Donating to Charity through Your Retirement Account

December 28, 2022
If you’re an IRA owner—age 70½ or over—qualified charitable distributions (QCDs) are great options for making tax-free gifts to charity. You can transfer up to…
Read More Seniors: Reduce Your Tax Burden by Donating to Charity through Your Retirement Account
TagsAccounting, charitable contribution, IRAs, QCD, seniors, tax, taxes
social security benefits taxes

Are Your Social Security Benefits Taxed?

December 22, 2022
Social security income is taxed differently than the income you may have earned during your career. Whether you pay income tax on social security depends…
Read More Are Your Social Security Benefits Taxed?
Tagsfinancial plan, IRS, retirement, social security, tax, taxes
Year-End Tax Planning

Make Taxes Easier with Year-End Tax Planning

December 14, 2022
It’s a great practice to participate in year-end tax planning. Not only does planning equal fewer surprises, but it also gives you the opportunity to…
Read More Make Taxes Easier with Year-End Tax Planning
Tags529 Plans, deductible, Fraud, Income Tax, retirement, tax, taxes, Teleworking, Year-end, Year-end Planning
Save on 2022 Taxes

Save Money on Your 2022 Taxes

December 8, 2022
As we wrap up 2022, it’s important to take a closer look at your tax and financial plans. This year likely brought challenges and disruptions…
Read More Save Money on Your 2022 Taxes
Tagscharitable contribution, charitable giving, Income Tax, Legislation, tax, tax deduction, Tax Planning, taxes, Year-end, Year-end Planning
capital gains and losses tax overview

How to Maximize Capital Gains and Losses on Your Taxes

November 30, 2022
With the stock market’s volatility and the year coming to an end, it’s a good time to review how you, as an individual, are taxed…
Read More How to Maximize Capital Gains and Losses on Your Taxes
TagsCapital Gains, Tax Planning, Tax Rate, taxes
Electric Vehicle Tax Incentives

More Electric Vehicle Tax Incentives Coming in 2023

November 16, 2022
According to Forbes, transportation is the country’s largest source of greenhouse gas missions. With the recent passage of the Inflation Reduction Act (IRA), several electric…
Read More More Electric Vehicle Tax Incentives Coming in 2023
Tagselectric vehicles, Legislation, tax, tax credits, taxes
Green home improvement tax credits

Green Home Improvements? Get Tax Credits with Inflation Reduction Act

November 9, 2022
If you’re making energy-efficient improvements to your home, you’ll want to pay attention to the newly passed Inflation Reduction Act. This new law expands or…
Read More Green Home Improvements? Get Tax Credits with Inflation Reduction Act
TagsEnergy-Efficiency, Green, tax, tax credits
life insurance

Life Insurance: What’s Best for You?

November 3, 2022
Life insurance is designed to protect and provide for your beneficiaries in the event of your death. Under the terms of a life insurance policy,…
Read More Life Insurance: What’s Best for You?
TagsFinance, financial plan, Insurance, Life Insurance
Avoiding Tax Scams

Online Safety Steps to Avoid Tax Scams & Protect Your Identity

October 27, 2022
Thousands of people have lost millions of dollars and their personal information to tax scams. During Cybersecurity Awareness Month, conducted every October, the mission of…
Read More Online Safety Steps to Avoid Tax Scams & Protect Your Identity
TagsFraud, IRS, protection, Scam, tax, taxes
cryptocurrency taxes

Cryptocurrency and Taxes: What You Need to Know

October 19, 2022
Cryptocurrency has become more mainstream in recent years. As a result, the IRS has paying more attention, especially as some estimate that the IRS is…
Read More Cryptocurrency and Taxes: What You Need to Know
TagsCryptocurrency, Digital Asset, IRS, taxes, Virtual Currency
charitable giving estate planning

Charitable Giving Made Simple

October 12, 2022
How to Include Philanthropy in Your Estate Planning When it comes to your estate plan, you’re rewarded by doing good. In this article, we’ll cover…
Read More Charitable Giving Made Simple
Tagsbeneficiary, charitable giving, charitable lead trust, estate planning, gift transfer taxes, outright bequest

Avoid Cannabis Tax Mistakes that Can Destroy Your Company

October 6, 2022
Many marijuana companies have faced stormy financial situations recently with collapsing margins, oppressive taxes, and vanishing access to debt and equity capital. Despite financial woes…
Read More Avoid Cannabis Tax Mistakes that Can Destroy Your Company
Tags280E, Accounting, marijuana, receivership, tax, Tax law
work opportunity tax credit

This Tax Credit Can Help Employers Facing a Tight Job Market

September 28, 2022
In a challenging job market, the Work Opportunity Tax Credit (WOTC) may give employers a helping hand. The WOTC is available to employers that hire…
Read More This Tax Credit Can Help Employers Facing a Tight Job Market
Tagsbusiness, business deductions, employees, small business, tax credits, tax deduction, taxes
Tax basis home

Why Increased Tax Basis on Your Home Is a Good Thing

September 21, 2022
With the house prices continuing to increase, taxes are on the minds of most sellers. When it comes to home ownership taxes, it’s important to…
Read More Why Increased Tax Basis on Your Home Is a Good Thing
TagsHome, Home Improvements, Tax Basis, tax deduction, Tax gain
Disaster Preparedness

Secure Your Records in Preparation for a Natural Disaster

September 15, 2022
No one every thinks a natural disaster can happen to them. But it makes sense to be prepared. With the threat of hurricanes and wildfires…
Read More Secure Your Records in Preparation for a Natural Disaster
TagsDisaster Preparedness, Employer, Insurance, IRS, tax, taxes
Hobby or Business

Tax Impact: Hobby or Business?

August 31, 2022
Collecting stamps, woodworking, crafting, photography…people have all kinds of hobbies. Most people don’t make a profit from their hobby. However, hobbyists should be aware that…
Read More Tax Impact: Hobby or Business?
Tagsbusiness, business deductions, Hobby, Income Tax, tax, taxes
Business Travel Tax Deductions

Is Business Travel Tax Deductible?

August 24, 2022
What expenses are tax deductible for out of town business business travel within the U.S.? As business travel ramps up, it’s important to know what…
Read More Is Business Travel Tax Deductible?
Tagsbusiness, business deductions, business travel, self-employed, tax deduction, taxes, Travel
280E Tax Challenges

Tax Challenges Facing Marijuana Related Businesses (MRBs)

August 17, 2022
Key Accounting and 280E Implications for Medical Marijuana Businesses This is a summary of key areas to evaluate for marijuana related businesses and their finance…
Read More Tax Challenges Facing Marijuana Related Businesses (MRBs)
Tags280E, Accounting, cannabis, inventory, marijuana, taxes
Student loan cancellation tax liability

Student Loan Cancellation: Impact on Taxes

August 10, 2022
How does the cancellation of your student loan affect your tax liability? In general, if a loan or other debt you owe is canceled, you…
Read More Student Loan Cancellation: Impact on Taxes
Tagsloan cancellation, loans, student loans, tax liability, taxes
IRS Identity Protection PIN

Prevent Tax-Related Identity Theft with an IRS IP PIN

August 3, 2022
In recent years, identity theft has invaded the lives of many tax payers as fraudsters have filed false tax returns and other schemes. Top Recommended…
Read More Prevent Tax-Related Identity Theft with an IRS IP PIN
TagsFraud, identity theft, IRS, protection, taxes
estate planning basics

Estate Planning: What’s Right for You?

July 20, 2022
Estate planning sounds like one of those “should do” tasks that a responsible adult does later. Somehow, it often ends up in the same procrastination…
Read More Estate Planning: What’s Right for You?
Tagsadvance medical directive, durable power of attorney, estate planning, financial plan, trust, will
Tax Tips for Selling a Home

Selling a Home? Important Tax Facts You Need to Know

July 13, 2022
Summer is a popular season for families to sell their home and move. The IRS recently issued important reminders for people selling a home and…
Read More Selling a Home? Important Tax Facts You Need to Know
TagsHome, Income Tax, IRS, selling, tax
financial safety net

Protect Yourself in a Financial Emergency

July 6, 2022
Life is full of unexpected twists. If you have a crisis, you don’t want your life to go down in flames. What can you do…
Read More Protect Yourself in a Financial Emergency
Tagsfinancial plan, financial safety, protection, safety net, Saving
Mileage Rate Increase 2022

High Gas Prices Lead IRS to Increase Mileage Rate for 2022—Again

June 29, 2022
The Internal Revenue Service recently announced a mid-year mileage rate increase, used for calculating business tax deductions for vehicle use. This rare mileage increase is…
Read More High Gas Prices Lead IRS to Increase Mileage Rate for 2022—Again
TagsIRS, tax, tax deduction
gift property taxes

Taxes on Sale of Gifted Property: What you need to know

June 22, 2022
You’ve received a gift of property. It’s important to learn about the tax consequences if you decide to sell that property. In the event of…
Read More Taxes on Sale of Gifted Property: What you need to know
TagsBasis, Gift, Property, Tax Basis, Tax gain, taxes

Is a Dynasty Trust right for you?

June 15, 2022
With the Biden administration discussing changes to the tax code, it makes sense to consider creating a family legacy, like a dynasty trust, for your…
Read More Is a Dynasty Trust right for you?
Tagsestate planning, estate tax, financial plan, Gift, gift transfer taxes, Gifts, Tax law, tax-advantaged planning, trust, trusts, wealth management
Installment Sales

Installment Sales: Defer Taxes, Attract Buyers

June 8, 2022
With escalating prices and the era of COVID-19, Installment sales may be a good way to attract buyers even if they don’t the ability to…
Read More Installment Sales: Defer Taxes, Attract Buyers
Tagsbusiness, Defer taxes, Installment sales, Property, Tax gain
Newlywed Tax Checklist

Tax Checklist for Newlyweds

June 2, 2022
It’s that time of year when wedding bells are ringing. After the honeymoon is over, what do the newly married need to do for taxes?…
Read More Tax Checklist for Newlyweds
Tagsmarried filing jointly, tax, tax deduction, tax penalty, taxes

Buy-Sell Agreements: Exit Strategy for Small Businesses

May 25, 2022
As a business owner, you’re often caught up in the daily motion of running your business. It’s easy to let important, but non-urgent aspects of…
Read More Buy-Sell Agreements: Exit Strategy for Small Businesses
Tagsbuy-sell agreement, exit strategy, selling, small business, SME, succession, taxes
Tax aspects to closing a business

Closing a Business? Here’s What You Need to Know about Taxes

May 18, 2022
If you’ve decided to close a business, it’s important to take care of your Federal tax obligations. Company owners can mistakenly think that because the…
Read More Closing a Business? Here’s What You Need to Know about Taxes
TagsAccounting, business, IRS, small business, SME, taxes
Multi-Generational Wealth Transfer

Avoid the Pitfalls of Multi-Generational Wealth Transfer

May 12, 2022
Passing on wealth to the next generation—also called wealth transfer—is a challenge faced by many families. 70% of Multi-Generational Wealth Transfers Fail According to research,…
Read More Avoid the Pitfalls of Multi-Generational Wealth Transfer
Tagsbeneficiary, children, estate planning, estate tax, financial safety, multi-generational, succession, tax-advantaged planning, trusts, wealth management
Tax Audit Prep

Things to Know About Tax Audits—Including Cautions for Cannabis Businesses

May 4, 2022
This year, the IRS will audit hundreds of thousands of tax returns. One in 100 businesses will be audited. The easiest way to survive a…
Read More Things to Know About Tax Audits—Including Cautions for Cannabis Businesses
Tagsaudit, cannabis, cpa, IRS, marijuana, tax
Tax Scams

How to Know It’s Really the IRS Contacting You

April 27, 2022
You’ve just heard from someone claiming to be from the IRS. Now what? How can you tell if this person is legit or a scammer?…
Read More How to Know It’s Really the IRS Contacting You
TagsIRS, Scam, tax, Tax audit, tax penalty, taxes
ESOPs

ESOP Tax Benefits: 2022 Contribution Limits and More

April 21, 2022
What is an ESOP? An Employee Stock Ownership Plan (ESOP) is an employee benefit plan that enables employees to have ownership interest in the company….
Read More ESOP Tax Benefits: 2022 Contribution Limits and More
TagsAccounting, business, Distributions, Employee Benefits, Employer, ESOP
IRS Audits of Marijuana Businesses

IRS increases marijuana business audits after COVID-19 lull

April 13, 2022
According to MJBizDaily.com, the IRS put much of its routine work on the back burner, including audits, enforcement and collections during the coronavirus pandemic. However,…
Read More IRS increases marijuana business audits after COVID-19 lull
Tags280E, Accounting, cannabis, marijuana, Tax audit, Tax law, tax penalty, Tax Planning, taxes
Dues deductible

Can you deduct club dues?

April 7, 2022
Many customers ask us if they can deduct club dues. It’s a logical question, especially since you may entertain customers at your club. Many feel…
Read More Can you deduct club dues?
Tagsbusiness, cpa, deductible, dues, tax
last minute tax planning

Filing Last-Minute Taxes – How to Prepare

March 30, 2022
It’s late in the tax season, and you might be scrambling to gather receipts and documentation to prepare your tax returns. According to the IRS,…
Read More Filing Last-Minute Taxes – How to Prepare
TagsIRS, tax, Tax law, Tax Planning, taxes
Motor Fuel Tax Rebate

Missouri’s Motor Fuel Tax: Should You Claim a Refund?

March 24, 2022
As gas prices climb higher, businesses are asking us about Missouri’s Motor Fuel Tax Refund. What is the fuel tax refund? How much can you…
Read More Missouri’s Motor Fuel Tax: Should You Claim a Refund?
TagsFuel, Missouri, tax, Tax Refund, taxes
Filing Taxes Late or Never

What Happens If You File Your Taxes Late… or Never?

March 17, 2022
It’s tax season, when folks are digging through receipts, making spreadsheets and filling out IRS forms. The filing deadline for federal taxes is Monday, April…
Read More What Happens If You File Your Taxes Late… or Never?
Tagstax, Tax law, tax penalty, taxes
Greenway Magazine Best of the Industry 2022

Smith Patrick Voted 2022 Best Accounting Service by Readers of Greenway Magazine

March 9, 2022
Smith Patrick CPAs has been voted “Best Accounting Firm in Missouri” by Greenway Magazine in its Reader’s Choice Best of the Industry Awards. Smith Patrick…
Read More Smith Patrick Voted 2022 Best Accounting Service by Readers of Greenway Magazine
TagsAccounting, Awards, cannabis, StLouis
home computer tax deduction

Is the Cost of Your Home Computer Tax Deductible?

March 2, 2022
When you’re buying a new computer, it’s common to think, “Are there any home computer deductions I can use?” Costs of buying and operating a…
Read More Is the Cost of Your Home Computer Tax Deductible?
Tagscomputer, self-employed, tax deduction, work from home
renting relative taxes

Renting to a Relative? Understand the Tax Impact

February 23, 2022
What are the tax consequences of renting a home you own to a relative? In normal circumstances, when renting a home or apartment, you’re entitled…
Read More Renting to a Relative? Understand the Tax Impact
Tagsrelative, relatives, renting, tax, tax deduction, tax loss, taxes, vacation home
Kiddie Tax Rules

How Kiddie Tax Rules Affect You

February 17, 2022
Many people ask if they can save on taxes by transferring assets into their children’s names. This tax technique is called income shifting. It seeks…
Read More How Kiddie Tax Rules Affect You
Tags529 Plans, Accounting, children, kiddie tax, tax-advantaged planning, taxes, trust

John Ernst Joins Smith Patrick CPAs, Brings Expertise in Financial Valuation and Litigation Support

February 17, 2022
Ernst Brings 20+ Years of Experience to Growing St. Louis Accounting Firm St. Louis, MO — Smith Patrick CPAs announces that John Ernst, CPA, ABV,…
Read More John Ernst Joins Smith Patrick CPAs, Brings Expertise in Financial Valuation and Litigation Support
TagsAccounting, Business Valuation, Forensic Accounting, Litigation Support
Smith Patrick CPAs Largest Accounting Firms by St. Louis Business Journal

Smith Patrick Named One of St. Louis’ Largest Accounting Firms

February 9, 2022
Local accounting firm Smith Patrick CPAs has been ranked as a largest accounting firm in St. Louis. The firm is ranked #23 by number of…
Read More Smith Patrick Named One of St. Louis’ Largest Accounting Firms
TagsAccounting, cannabis, estate planning, tax
AICPA Diverse Student Internship

Smith Patrick Sponsors AICPA Ethnically Diverse Student Program

February 3, 2022
Smith Patrick CPAs is helping offer opportunities to diverse students. The St. Louis-based firm has been selected by the AICPA as a co-sponsor of the…
Read More Smith Patrick Sponsors AICPA Ethnically Diverse Student Program
TagsDiversity, Inclusion, Internship, Students
No-Loss Tax Rules

No-Loss Tax Rules: Beware of Selling Property to a Relative at a Loss

January 27, 2022
Before you sell a property to a relative at a loss, stop and find out more about the tax consequences. Special tax rules—like the loss…
Read More No-Loss Tax Rules: Beware of Selling Property to a Relative at a Loss
TagsIRS, No-Loss Tax Rules, Property, relative, tax loss, taxes
Limited Partnership

Limited Partnership: Consider It for Your New Business

January 20, 2022
When starting a new business venture, a limited partnership can be a good choice as an entity. You can raise capital to fund the venture…
Read More Limited Partnership: Consider It for Your New Business
Tagsbusiness, Entity, Limited Partnership, taxes
529 Plans Tax Savings

How 529 Plans Offer Tax Savings for School Tuition

January 13, 2022
What are 529 plans? Also known as qualified tuition programs, these plans enable prepayment of higher education costs on a tax-favored basis. Types of 529…
Read More How 529 Plans Offer Tax Savings for School Tuition
Tags529 Plans, College Saving Plans, tax deduction, Tuition
Vacation Rental Tax Rules

Tax Rules for Renting Your Vacation Home

January 6, 2022
Does it make sense to rent out your vacation home for part of the year? How does it impact your tax deductions? The tax rules…
Read More Tax Rules for Renting Your Vacation Home
TagsProperty, rental, tax deduction, taxes, vacation home
Tax gift card Scams

Fraudulent Tax Scams Are a Threat

December 23, 2021
Our firm takes data security seriously, and we think you should too. Fraud From now throughout tax season, fraudsters continue amp up their tactics to…
Read More Fraudulent Tax Scams Are a Threat
TagsCredit Report, Fraud, identity theft, IRS, Scam, tax, Tax Planning, taxes
Year-End Tax Planning

Year End Tax Planning Strategies

December 16, 2021
As we wrap up 2021, there’s many tax planning strategies to consider. As your tax and financial team, we want to help you navigate your…
Read More Year End Tax Planning Strategies
Tags529 Plans, Accounting, Cryptocurrency, Gifts, Insurance, IRAs, Legislation, retirement, RMDs, Tax Planning, taxes, Teleworking, unemployment, Year-end Planning
Legislation and Your Taxes

How 2021 Legislation Impacts Your Taxes

December 9, 2021
As you wrap up 2021, it’s important to take a closer look at your tax and financial plans. Challenges and Changes for Year-End Planning This…
Read More How 2021 Legislation Impacts Your Taxes
TagsAccounting, Legislation, tax, Tax Planning, taxes, Year-end Planning
Giving To Donor-Advised Funds

Charitable Donations: Giving to Donor-Advised Funds

December 2, 2021
Charitable Deductions This Year, Advisory for Future Years Perhaps you are interested in giving a substantial donation to charity this year. However, you would like…
Read More Charitable Donations: Giving to Donor-Advised Funds
Tagscharitable contribution, Donor, Donor-advised funds, giving, tax deduction, taxes
corporate airplane tax rules smith patrick cpa

What You Should Know about Corporate Airplane Tax Rules

November 27, 2021
With business travel ramping up again, you might be dreaming of buying a corporate airplane to avoid layovers and crowded airplanes. Before you buy an…
Read More What You Should Know about Corporate Airplane Tax Rules
Tagsairplane, business, business deductions, business travel, depreciation, tax
Conservation Tax Benefit

Tax Benefits for Helping Mother Nature

November 11, 2021
Interested in helping to conserve land for public use or preserve an historic structure from real property that you own? Consider a qualified conservation contribution,…
Read More Tax Benefits for Helping Mother Nature
Tagscharitable contribution, conservation, estate planning, historic preservation, tax, tax deduction
Cannabis Banking Challenges

For Legalized Marijuana, Banking Woes Persist: Smith Weighs in on St. Louis Public Radio

November 3, 2021
If you’re doing business with a medical marijuana company, your bank may charge you high fees or refuse to do business. David Smith, owner and…
Read More For Legalized Marijuana, Banking Woes Persist: Smith Weighs in on St. Louis Public Radio
TagsAccounting, banking, cannabis, Legislation, marijuana, medical, taxes
Cashless ATMs for cannabis businesses

Are You Struggling to Handle an All-Cash Cannabis Business? Then Read This.

October 28, 2021
Easy to Implement Tips to Set Up a Cashless ATM for Your Cannabis Business In the growing cannabis market, cash is key. Like it or…
Read More Are You Struggling to Handle an All-Cash Cannabis Business? Then Read This.
Tagsbanking, cannabis, Cash Flow, cashless ATMs, compliance, marijuana, taxes
Startup Expenses

Got New Business Startup Expenses? Find Out How to Minimize Your Tax Bill

October 14, 2021
If you’ve recently started a business, or are in the process of starting one now, it’s important to think about taxes. The way you handle…
Read More Got New Business Startup Expenses? Find Out How to Minimize Your Tax Bill
Tagsconsulting, small business, startup, taxes
Vacation Rental Tax Rules

Tax Rules for Renting Your Vacation Home

October 7, 2021
Does it make sense to rent out your vacation home for part of the year? How does it impact your tax deductions? The tax rules…
Read More Tax Rules for Renting Your Vacation Home
TagsProperty, rental, tax deduction, taxes, vacation home
Tax Credit

Small Businesses Get a Tax Credit for Starting a Retirement Plan

September 30, 2021
Gain better employee retention while lowering your tax bill with the Pension Plan Tax Credit Attention small businesses: you may be able to claim a…
Read More Small Businesses Get a Tax Credit for Starting a Retirement Plan
TagsAccounting, business, employees, retirement, small business, tax, tax credits
Keeping Life Insurance Out of Your Estate

Life Insurance Benefits: How to Avoid Estate Taxes

September 23, 2021
The reason that most people buy life insurance benefits is to provide for their family after their death. Yet, in some cases, if the life…
Read More Life Insurance Benefits: How to Avoid Estate Taxes
Tagsestate planning, estate tax, Life Insurance, trusts

Life Insurance Trust: Minimize Estate Taxes

September 16, 2021
Even a with modest estate, you can end up owing hundreds of thousands of dollars in estate taxes. Why? A life insurance policy with a…
Read More Life Insurance Trust: Minimize Estate Taxes
Tagsestate planning, Gift, Life Insurance, trusts
Personal Residence Trusts

QPRT: Transfer Your Home to Your Kids with Less Taxes

September 9, 2021
You’re at the point in your life where you want to transfer the ownership of your home to your kids. How can you best make…
Read More QPRT: Transfer Your Home to Your Kids with Less Taxes
Tagsestate planning, estate tax, Gift, Home, trusts
Crummey Trusts

Crummey Trusts: How to Manage Monetary Gifts

September 2, 2021
How can a Crummey Trust help you? Giving Responsibly With a custodial account, you can give away up to the gift tax annual exclusion amount…
Read More Crummey Trusts: How to Manage Monetary Gifts
Tagschildren, estate planning, financial plan, Gift, Gifts, giving, relative, Tax Planning, trusts
Charitable Remainder Trusts

Charitable Remainder Trust: A Powerful Estate Planning Tool

August 26, 2021
When you’re developing your estate plan, one powerful tool to consider is a charitable remainder trust (CRT). A CRT may enable you to reduce your…
Read More Charitable Remainder Trust: A Powerful Estate Planning Tool
Tagsestate planning, tax-advantaged planning, trust
Debra Annis

Smith Patrick CPA’s Debra Annis Named a Best Accountant in St. Louis

August 17, 2021
Annis Honored as a Best CPA by St. Louis Small Business Monthly Debra J. Annis, CPA, has been named to St. Louis Small Business Monthly’s…
Read More Smith Patrick CPA’s Debra Annis Named a Best Accountant in St. Louis
TagsAccounting, Awards, cpa, StLouis
Legit or Sham Trusts?

Sham Trusts: How to Avoid Tax Penalties

August 12, 2021
The IRS warns us about tax evasion schemes, called “sham trusts,” involving foreign and domestic trusts. An important of estate planning is find the best…
Read More Sham Trusts: How to Avoid Tax Penalties
Tagscharitable trusts, estate planning, estate tax, financial plan, IRS, revocable trusts, sham trusts, tax, tax penalty, trusts
Estate Tax Planning Exemptions

How the Estate Tax Exemption Impacts Your Estate Plan

August 6, 2021
In the last decade, a lot has changed with tax planning for your estate. Most notably, the estate tax exemption. What Is Estate Tax? According…
Read More How the Estate Tax Exemption Impacts Your Estate Plan
Tagsestate planning, estate tax, Gifts, portability, Property, step-up basis, tax, tax exemptions, taxes, valuation discounts
business meals tax deduction

When Are Business Meals Tax Deductible?

July 29, 2021
If you’re heading to the restaurant for a business meal, it’s good to know the rules that apply to get a tax deduction. In recent…
Read More When Are Business Meals Tax Deductible?
Tagsbusiness, business deductions, business travel, tax, tax deduction
frequent flyer miles tax

Are Frequent Flyer Miles Taxed When Redeemed?

July 15, 2021
A popular perk of business travel is earning frequent flyer miles and other promotional benefits. Airlines, rental car companies and hotels have rewards programs that…
Read More Are Frequent Flyer Miles Taxed When Redeemed?
Tagsbusiness, Frequent flyer, tax, taxes, Travel
employer tax credit family medical leave

What You Need to Know about the Employer Tax Credit for Paid Family and Medical Leave

July 9, 2021
As an employer that provides paid family and medical leave to our employees, you may qualify for a tax credit. How does it work? Employer…
Read More What You Need to Know about the Employer Tax Credit for Paid Family and Medical Leave
Tagsemployee, Employer, Family and Medical Leave, tax credits
budgeting basics

Budgeting Basics: Why You Need a Budget and How to Get Started

July 1, 2021
If it seems like your money disappears as fast as it comes in, you need a budget. If you have trouble saving for your dream…
Read More Budgeting Basics: Why You Need a Budget and How to Get Started
Tagsbudget, Finance, financial plan, financial safety, Personal finances
Tax rules foreign business travel

Tax Rules for Foreign Business Travel

June 17, 2021
You’re heading out of the country on a business trip. What tax rules apply to your foreign business travel? Tax Rules for a Trip That’s…
Read More Tax Rules for Foreign Business Travel
Tagsbusiness, business travel, tax, tax deduction, Travel
IRS Cannabis Audit Methods

Cannabis Audit Procedures Revealed in Confidential IRS Document

April 15, 2021
New Information on What to Expect During Cannabis Audits The marijuana industry recently gained access to new intel on what to expect during IRS cannabis…
Read More Cannabis Audit Procedures Revealed in Confidential IRS Document
Tags280E, cannabis, marijuana, Tax audit, Tax law
Missouri Medical Marijuana Tax Update

Missouri Medical Marijuana Tax Update

February 4, 2021
280E Update: Pursuing normal business deductions for Missouri medical marijuana licensees Cannabis businesses, also known as marijuana related businesses (MRBs), face significant tax challenges. Though cannabis…
Read More Missouri Medical Marijuana Tax Update
Tags280E, cannabis, Legislation, marijuana, Missouri, Tax law, taxes

Biden Tax Plan

January 13, 2021
In this short video, James Curran CPA/PFS discusses President-Elect Biden’s proposed tax plan and what you can do to prepare.
Read More Biden Tax Plan
Tagstax credits, tax deduction, Tax Rate, taxes
business tax planning

Smart Year-End Tax Planning for Business Owners

December 30, 2020
Check out these business tax planning moves before the year ends. It’s been an unusual year to say the least for most businesses. Business tax…
Read More Smart Year-End Tax Planning for Business Owners
Tagsbusiness, business deductions, small business, tax deduction, taxes, Year-end
year-end tax planning

Year-End Planning: Lower Your Tax Bill

December 17, 2020
As year-end approaches, it’s a good time to think about planning moves that may help lower your tax bill for this year and beyond. 2020…
Read More Year-End Planning: Lower Your Tax Bill
TagsGifts, Planning, tax deduction, taxes, Year-end
PPP Loan Guidance

SBA Issues Guidance on Changes of Ownership for PPP Loan Borrowers

October 8, 2020
Overview On Oct. 2, 2020, the Small Business Administration (SBA) issued Procedural Notice 5000-20057, which outlines the required notification and consent procedures for changes in…
Read More SBA Issues Guidance on Changes of Ownership for PPP Loan Borrowers
TagsGuidance, PPP loans, SBA
MMJ Manufacturing Exemptions

Tax Update: Medical Marijuana Facilities Qualify for Manufacturer’s Sales and Use Tax Exemption in Missouri

September 24, 2020
Tax Benefit Question: Do medical marijuana facilities qualify for the manufacturer’s sales and use tax exemptions? This important tax benefit can realize a one-time or…
Read More Tax Update: Medical Marijuana Facilities Qualify for Manufacturer’s Sales and Use Tax Exemption in Missouri
Tagscannabis, exemption, manufacturer, marijuana, medical, sales tax, tax
cannabis tax guidance

The IRS Updated Tax Guidance on the Marijuana Industry… Here’s What You Need to Know

September 17, 2020
The Internal Revenue Service (IRS) recently released updated guidance on tax policy for the marijuana industry. As tax and accounting experts, we wanted to give…
Read More The IRS Updated Tax Guidance on the Marijuana Industry… Here’s What You Need to Know
Tagscannabis, IRS, marijuana, taxes

PPP Flexibility Act

June 24, 2020
James Curran CPA/PFS discusses the recent changes to the Paycheck Protection Program with the passing of the PPP Flexibility Act.
Read More PPP Flexibility Act

Unemployment Quick FAQ

June 3, 2020
Alan Dierker, CPA answers questions regarding unemployment benefits under the CARES Act.
Read More Unemployment Quick FAQ

PPP Loans Program

May 15, 2020
We’ve been getting a lot of questions from our clients this past week on the PPP loans program. To help address some of these top…
Read More PPP Loans Program

Tips for Employers Who Outsource Payroll Duties

July 19, 2013
IRS Newswire FS-2013-9 Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers and reporting agents. Reputable third-party…
Read More Tips for Employers Who Outsource Payroll Duties
TagsPayroll

“Corporate Records Service” Mailings to Business Entities

March 16, 2013
A company called Corporate Records Service has mailed solicitations titled “2013 – Annual Minutes Form” to corporations in Missouri, as well as other states. The…
Read More “Corporate Records Service” Mailings to Business Entities

Tax Refund Delays – In The News

March 15, 2013
David Smith on KMOV Channel 4 discussing tax refund delays with Larry Connors: (KMOV.com) — A software glitch forced more than 600,000 people to wait…
Read More Tax Refund Delays – In The News

Renewable Energy Tax Credits – Active House USA

March 3, 2013
As construction comes to a close, but before the moving trucks arrive, we’re opening the doors to Active House USA for one last time.  One…
Read More Renewable Energy Tax Credits – Active House USA

Tax-Free Transfers to Charity Renewed For IRA Owners 70½ or Older; Rollovers This Month Can Still Count For 2012

January 18, 2013
IRS alert.  Notification IR-2013-6: WASHINGTON — Certain owners of individual retirement arrangements (IRAs) have a limited time to make tax-free transfers to eligible charities and…
Read More Tax-Free Transfers to Charity Renewed For IRA Owners 70½ or Older; Rollovers This Month Can Still Count For 2012

Congress-Passed Bill Averts Fiscal Cliff Tax Consequences

January 3, 2013
Federal Taxes Weekly Alert, In the early morning hours of Jan. 1, 2013, the Senate, by a vote of 89-8, passed H.R.8, the “American Taxpayer…
Read More Congress-Passed Bill Averts Fiscal Cliff Tax Consequences

Standard Mileage Rates for 2013

December 12, 2012
Standard Mileage Rates IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will increase by…
Read More Standard Mileage Rates for 2013

Contributing Property to a Partnership

October 16, 2012
A client of ours was recently forming a partnership with another individual. The two individuals had a desire to form a partnership of equals but…
Read More Contributing Property to a Partnership
Female Accountant

Uncertainty Creating Difficulty for Year-End Tax Planning

September 24, 2012
For the last several years we have been faced with year-end legislation, late forms, and other changes that add to the complexity and confusion in…
Read More Uncertainty Creating Difficulty for Year-End Tax Planning

What Exactly is an SBA Loan?

August 21, 2012
The U.S. Small Business Administration (SBA) is a federal government agency that administers loan guaranty programs and other support services to encourage growth and development…
Read More What Exactly is an SBA Loan?

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