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phishing smashing email and text tax scams

Kicking Off Our IRS Dirty Dozen Series: Don’t Click That “IRS” Email

May 7, 2025
Email Phishing Scams: Don’t Take the Bait Every year, the IRS releases its Dirty Dozen list—a roundup of the top 12 scams targeting taxpayers, and…
Read More Kicking Off Our IRS Dirty Dozen Series: Don’t Click That “IRS” Email
TagsIRS, Scam, Taxes
Miss tax deadline

Oops! Missed the Tax Filing Deadline? Here’s What to Do Next

April 30, 2025
So, April 15th came and went, and your tax return is still sitting in your to-do pile. First, take a deep breath. You’re not alone,…
Read More Oops! Missed the Tax Filing Deadline? Here’s What to Do Next
TagsIRS, Tax law, Taxes
expat tax mistakes

Dodging the Tax Traps: Common Expat Mistakes (and How to Avoid Them)

April 23, 2025
Moving abroad is an adventure—new culture, new cuisine, new… taxes? That last one isn’t exactly the highlight of anyone’s expat experience, but it’s crucial to…
Read More Dodging the Tax Traps: Common Expat Mistakes (and How to Avoid Them)
TagsExpat, IRS, Tax law, Tax Penalty, Taxes

The IRS “Dirty” Tax Scams to Avoid in 2025

April 16, 2025
Tax season already requires a leap of faith—but with scammers in the mix, that leap lands you flat. The IRS just released its 2025 Dirty…
Read More The IRS “Dirty” Tax Scams to Avoid in 2025
TagsIRS, Scam, Tax Audit, Taxes

What U.S. Expats Should Know About Taxes Abroad

April 9, 2025
Sunsets in Spain. Pasta in Italy. Life abroad has plenty of perks—but tax season isn’t one of them. For U.S. citizens and Green Card holders,…
Read More What U.S. Expats Should Know About Taxes Abroad
TagsExpat, IRS, Tax law, Tax Penalty, Taxes
last minute tax return

Filing Last-Minute Taxes? Here’s How to Save—and Stay Sane

April 2, 2025
We’re in the final stretch of tax season. If you haven’t filed yet, you’re not alone. The IRS says about 25% of Americans wait until…
Read More Filing Last-Minute Taxes? Here’s How to Save—and Stay Sane
TagsIRS, Missouri, Tax Deduction, Tax Exemptions, Tax law, Tax Planning, Taxes
Cannabis fractional CFO

Why a Fractional CFO May Be the Right Fit for Cannabis Businesses

March 26, 2025
Let’s be real: running a cannabis business is no easy feat. Between evolving regulations, complex taxes, and managing cash flow in a largely cash-heavy industry,…
Read More Why a Fractional CFO May Be the Right Fit for Cannabis Businesses
Tags280E, Marijuana, Missouri, Risk Management, Small business, Tax Planning, Taxes
Tax season easier

How to Make Tax Season Less Painful (Yes, Really)

March 19, 2025
Tips for Getting Organized and Working with Your Accountant Tax season is back—cue the collective groan. But it doesn’t have to be a stressful, last-minute…
Read More How to Make Tax Season Less Painful (Yes, Really)
TagsIncome Tax, IRS, Missouri, Tax Credits, Tax law, Tax Penalty, Tax Planning, Tax Refund, Taxes
Sarah Bantz Best accountant Cannabis

Sarah Bantz Voted Best Accountant in the Greenway Cannabis Industry Awards

March 12, 2025
We’re thrilled to share that Sarah Bantz, CPA, leader of our Cannabis Accounting team, has been named Best Accountant in the 2025 Greenway Best of…
Read More Sarah Bantz Voted Best Accountant in the Greenway Cannabis Industry Awards
Tags280E, Accounting, Awards, Finance, Marijuana, press release, Risk Management
accounting firm team Andrea Shewcraft Mark Favazza Jessical Collins

Growing to Serve You: Meet the Team Enhancing Your Experience at Smith Patrick CPAs

March 4, 2025
At Smith Patrick CPAs, we know that a great firm is built on great people. That’s why we’re excited to introduce the newest members of…
Read More Growing to Serve You: Meet the Team Enhancing Your Experience at Smith Patrick CPAs
TagsAccounting, Employees, Staff
fractional CFO vs Accountant

How Are Fractional CFOs Different from Accountants?

February 26, 2025
Imagine your financial team as a movie production. Accountants are like the editors—they piece together everything that’s already been shot, ensuring the final cut is…
Read More How Are Fractional CFOs Different from Accountants?
TagsAccounting, Business, Entrepreneur, Finance, Tax Planning
choose a tax preparer

What You Should Know When Choosing a Tax Professional

February 18, 2025
When tax season comes around, many taxpayers turn to tax professionals to help them prepare their federal tax return. However, choosing a tax preparer requires…
Read More What You Should Know When Choosing a Tax Professional
TagsAccounting, IRS, Scam, Tax Refund, Taxes
Fractional CFO

What is a Fractional CFO (and Do You Need One)?

February 12, 2025
Managing your business’s finances can feel like trying to assemble a puzzle without all the pieces. That’s where a fractional CFO comes in—someone who helps…
Read More What is a Fractional CFO (and Do You Need One)?
TagsBusiness, Finance, Small business
home sale taxes tax basis

Home Sale Taxes Explained: How Tax Basis Impacts What You Pay

February 5, 2025
With home prices continuing to rise, many homeowners are thinking about the tax implications of selling their property. One critical concept that often gets overlooked…
Read More Home Sale Taxes Explained: How Tax Basis Impacts What You Pay
TagsAccounting, Home, IRS, Tax Basis, Taxes
Tax rules foreign business travel

Smart Tax Strategies for International Business Travel

January 29, 2025
Traveling abroad for work? If you’re planning a business trip overseas, understanding the tax rules can help you maximize deductions and avoid unnecessary expenses. From…
Read More Smart Tax Strategies for International Business Travel
TagsBusiness, Tax Deduction, Taxes, Travel

529 Plans Evolved: Flexible Savings for Education and Beyond

January 22, 2025
529 plans have long been a trusted tool for saving for education expenses, offering tax advantages and flexibility for families. Now, with a recent rule…
Read More 529 Plans Evolved: Flexible Savings for Education and Beyond
Tags529 Plans, Children, Education, IRAs, Retirement, Saving, Taxes
Life insurance 101

Life Insurance: What’s Best for You?

January 15, 2025
Life insurance is an important way to protect your loved ones financially after you’re gone. In exchange for your premium payments, the insurance company promises…
Read More Life Insurance: What’s Best for You?
TagsFinance, Financial Plan, Insurance
AICPA ELE CPA program

Smith Patrick Participates in CPA Program: Experience, Learn, and Earn (ELE) by AICPA and NASBA

January 8, 2025
ELE: An Adaptable Approach to the CPA Journey The path to becoming a Certified Public Accountant (CPA) is known for its rigor, requiring a mix…
Read More Smith Patrick Participates in CPA Program: Experience, Learn, and Earn (ELE) by AICPA and NASBA
TagsAccounting, AICPA, CPA, Education, Staff, StLouis
gift property taxes

Understanding Taxes on Gifted Property Sales: Key Rules and Examples

January 2, 2025
Selling gifted property can have unexpected tax implications, and understanding these rules is crucial to avoid surprises. Your tax liability hinges on the property’s basis—a…
Read More Understanding Taxes on Gifted Property Sales: Key Rules and Examples
TagsGifts, Property, Tax Basis, Taxes

Smith Patrick’s Sarah Bantz Elected Treasurer of We Are JAINE: Elevating Women in Cannabis

December 18, 2024
Smith Patrick congratulates Sarah Bantz, CPA, on her election as Treasurer of We Are JAINE®, an organization dedicated to supporting women in the cannabis industry….
Read More Smith Patrick’s Sarah Bantz Elected Treasurer of We Are JAINE: Elevating Women in Cannabis
TagsAccounting, Marijuana, Missouri, press release, Staff, StLouis

Year-End 2024 Tax Planning: Make Smart Moves Before the Ball Drops

December 11, 2024
As we say goodbye to 2024, it’s time to get serious about tax planning. Major life events, new laws, and investment opportunities all play a…
Read More Year-End 2024 Tax Planning: Make Smart Moves Before the Ball Drops
Tags529 Plans, Capital Gains, Education, Gifts, Healthcare, IRAs, Remote, Saving, Scam, Tax Planning, Taxes, Year-end
Smith Patrick Chili Cookoff Accounting st. Louis

Smith Patrick’s Chili Showdown: A Spicy Success

December 4, 2024
As the holiday season kicks off, what better way to warm up than with a hearty bowl of chili? Recently the halls of Smith Patrick…
Read More Smith Patrick’s Chili Showdown: A Spicy Success
TagsAwards, Staff, StLouis

Practical Financial Advice for Small Business Owners from Award-Winning CPA, Debra Annis

November 26, 2024
Best Accountant Shares Essential Tips for Entrepreneurs I was honored to recently be named one of the Best Accountants by St. Louis Small Business Monthly….
Read More Practical Financial Advice for Small Business Owners from Award-Winning CPA, Debra Annis
TagsAccounting, Business, Employees, Small business
BOI small business mandatory filing

BOI Compliance Deadline Approaching: What Business Owners Need to Know

November 20, 2024
As the year-end draws closer, U.S. businesses face a significant new compliance requirement: Beneficial Ownership Information (BOI) reporting. This new federal mandate stems from the…
Read More BOI Compliance Deadline Approaching: What Business Owners Need to Know
TagsAccounting, Business, IRS, Small business

Tax Scams Exposed: How to Protect Yourself This Holiday Season

November 13, 2024
With holiday season just around the corner, while most of us are busy trying to maximize deals on Black Friday, scammers are busy trying to…
Read More Tax Scams Exposed: How to Protect Yourself This Holiday Season
TagsAccounting, IRS, Scam, Taxes
guard against data loss

Protect Your Business Against Data Loss and Fraud: It’s Easier Than You Think

November 6, 2024
In today’s digital world, it’s not a question of if your business will face a cyber threat, but when. But don’t panic—while cybercriminals might be…
Read More Protect Your Business Against Data Loss and Fraud: It’s Easier Than You Think
TagsBusiness, IRS, Scam
Tax ID Theft

A Guide to Taxpayer Identity Theft: What You Need to Know

October 29, 2024
Imagine opening your mailbox to find that someone’s already filed your tax return—and it wasn’t you! Tax-related identity theft is a real problem, but the…
Read More A Guide to Taxpayer Identity Theft: What You Need to Know
TagsIdentity theft, IRS, Scam, Taxes
Debra Annis Best Accountant

Smith Patrick’s Debra Annis Earns Best Accountant Recognition for 2024

October 23, 2024
Smith Patrick’s Debra Annis Honored by St. Louis Small Business Monthly in the 2024 Best Accountants List Debra J. Annis, CPA, has once again earned…
Read More Smith Patrick’s Debra Annis Earns Best Accountant Recognition for 2024
TagsAccounting, Awards, Employees, Taxes

Missouri’s Consumer-Friendly Marijuana Tax System: What You Need to Know

October 16, 2024
Missouri’s marijuana tax system is making headlines for its consumer-friendly structure. In an article published on MoCannTrade.org, the website of the Missouri Cannabis Trade Association,…
Read More Missouri’s Consumer-Friendly Marijuana Tax System: What You Need to Know
TagsAccounting, Business, IRS, Marijuana, Missouri, Sales Tax, Taxes
Crowdfunding tax tips

From Donations to Deductions: Understanding the Tax Implications of Crowdfunding

October 9, 2024
Crowdfunding Success: When the IRS Comes Knocking Crowdfunding can feel like modern-day magic—just a few clicks, and suddenly you’re swimming in donations from friends, family,…
Read More From Donations to Deductions: Understanding the Tax Implications of Crowdfunding
TagsCharitable contribution, IRS, Taxes
Disaster Preparedness

Stay One Step Ahead: Safeguard Your Records Before the Unexpected Hits

September 25, 2024
You can’t predict when disaster will strike, but you can prepare for it. With a focus on National Preparedness Month, the IRS knows that when…
Read More Stay One Step Ahead: Safeguard Your Records Before the Unexpected Hits
TagsAccounting, Disaster Preparedness, IRS
educator tax deduction supplies

Educators, Time is Ticking: Claim Up to $300 for Supplies Before October 15, 2024

September 17, 2024
Get Tax Relief for Out-of-Pocket Expenses Teachers are pros at multitasking—lesson planning, classroom decorating, and, of course, stocking up on supplies out of their own…
Read More Educators, Time is Ticking: Claim Up to $300 for Supplies Before October 15, 2024
TagsEducation, Tax Deduction, Taxes
St. Louis Earnings Tax Refund

VIDEO: Are You Eligible for a St. Louis Earnings Tax Refund?

September 11, 2024
If you’re a non-resident of St. Louis who had earnings tax withheld between 2020 and 2023, and you worked outside the city—whether through telework or…
Read More VIDEO: Are You Eligible for a St. Louis Earnings Tax Refund?
TagsRemote, Tax Refund, Taxes
bake-off Smith Patrick accounting

Building Team Spirit, One Bite at a Time: Smith Patrick’s Bake-Off

September 11, 2024
At Smith Patrick, we know that a strong team isn’t just built through meetings and deadlines. Sometimes, the best way to bond is by stepping…
Read More Building Team Spirit, One Bite at a Time: Smith Patrick’s Bake-Off
TagsAccounting, Employees, Jobs, Staff
Earnings Tax Refund

Deadline Alert: Claim Your St. Louis City Earnings Tax Refund

September 4, 2024
With just a few weeks remaining until the September 30 deadline, time is running out for St. Louis remote workers to claim their earnings tax…
Read More Deadline Alert: Claim Your St. Louis City Earnings Tax Refund
TagsEmployees, Remote, StLouis, Tax Refund, Taxes
Business Travel Tax Deductions

Can You Deduct Business Travel Expenses? Here’s the Latest

August 28, 2024
Traveling for business? Don’t miss out on potential tax savings. Understanding the current rules for deducting out-of-town business expenses is key to maximizing your tax…
Read More Can You Deduct Business Travel Expenses? Here’s the Latest
TagsBusiness, Business deductions, Self-employed, Tax Deduction, Taxes, Travel
Now Hiring

Smith Patrick CPAs: A Place Where You Can Grow, Thrive, and Enjoy the Ride

August 21, 2024
At Smith Patrick CPAs, we’re not just looking for another accountant—we’re looking for you. Located in the heart of Webster Groves, a charming slice of…
Read More Smith Patrick CPAs: A Place Where You Can Grow, Thrive, and Enjoy the Ride
TagsAccounting, Employee Benefits, Employees, Jobs, Taxes
Tax Credit

Feeling the Pinch of Tuition? These Tax Credits Might Be Your New Best Friend

August 14, 2024
Paying for education might feel like trying to empty the ocean with a teaspoon, but there’s a bright spot on the horizon: education tax credits….
Read More Feeling the Pinch of Tuition? These Tax Credits Might Be Your New Best Friend
TagsEducation, IRS, Tax Credits, Taxes, Tuition
home computer tax deduction

Unlock Hidden Tax Savings with Your Home Office Computer – Learn How

August 7, 2024
Ever thought your trusty new home office computer could do more than just handle Zoom calls and spreadsheets? What if it could also help you…
Read More Unlock Hidden Tax Savings with Your Home Office Computer – Learn How
TagsEmployees, Remote, Self-employed, Tax Deduction, Taxes
renting relative taxes

Renting to Relatives: 5 Tax Tips Every Homeowner Should Know

July 31, 2024
Renting a home to a family member can be a practical solution for both parties involved, but it comes with unique tax considerations. Whether you…
Read More Renting to Relatives: 5 Tax Tips Every Homeowner Should Know
TagsFamily, Property, Rental, Tax Deduction, Taxes, Vacation home
new team

Christian Stein Joins Smith Patrick CPAs, Expanding Strategy, Valuation and Litigation Support Services

July 24, 2024
Stein Brings Over 30 Years of Banking and Finance Experience to Leading St. Louis Accounting Firm St. Louis, MO—Smith Patrick CPAs, a St. Louis-based accounting…
Read More Christian Stein Joins Smith Patrick CPAs, Expanding Strategy, Valuation and Litigation Support Services
TagsForensic Accounting, Litigation Support, Staff, Valuation
St. Louis Earning Tax Refund for Remote Workers

St. Louis Remote Workers: Claim $2,400 or More in Earnings Tax Refunds

July 17, 2024
In an era marked by rising taxes and the pinch of inflation, St. Louis remote workers have a chance to reclaim a significant amount of…
Read More St. Louis Remote Workers: Claim $2,400 or More in Earnings Tax Refunds
TagsBusiness, Employees, StLouis, Tax Refund, Taxes
Tax Tips for Selling a Home

What Every Home Seller Should Know About Taxes

July 10, 2024
Selling your home can be both exciting and daunting, especially when you start thinking about taxes. With summer being prime time for moving, let’s dive…
Read More What Every Home Seller Should Know About Taxes
TagsHome, Income Tax, IRS, Property, Taxes
St. Louis City Earnings Tax Refund Pandemic

Remote Workers: Court Ruling Could Mean Tax Refunds on 1% St. Louis City Earnings Tax

June 24, 2024
Hey St. Louisians, if you worked from home during the pandemic, you might be in for a pleasant surprise. A recent Missouri Court of Appeals…
Read More Remote Workers: Court Ruling Could Mean Tax Refunds on 1% St. Louis City Earnings Tax
TagsRemote, StLouis, Taxes
Newlywed Tax Checklist

The Newlywed Tax Guide: Steps to Take After Saying “I Do”

June 19, 2024
Wedding cake? Check. Honeymoon? Unforgettable. First tax season as a married couple? Uh-oh. Fear not, lovebirds, this guide has got you covered. Let’s turn those…
Read More The Newlywed Tax Guide: Steps to Take After Saying “I Do”
TagsIRS, Marriage, Tax Deduction, Tax Penalty, Taxes
No-Loss Tax Rules

Why Selling Your Home to a Relative Might Cost You More Than You Think

June 12, 2024
Everyone loves a good tax break. It’s natural to look for ways to save on taxes, especially when it involves significant transactions like property sales….
Read More Why Selling Your Home to a Relative Might Cost You More Than You Think
TagsFamily, Gifts, IRS, Property, Taxes

Sunshine and Savings: Summer Activities That Impact Your Taxes

June 5, 2024
Summer is here, bringing sunshine, beach trips, and—surprisingly—tax considerations! As you enjoy the sunshine and plan your activities, remember that certain summer choices—from saying ‘I…
Read More Sunshine and Savings: Summer Activities That Impact Your Taxes
TagsBusiness, Business deductions, Childcare, Children, Energy-Efficiency, Home, Marriage, Tax Credits, Taxes, Travel
Tax aspects to closing a business

Tax Checklist for Closing Your Business

May 22, 2024
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 Tax Checklist for Closing Your Business
TagsAccounting, Business, Employee Benefits, Employees, IRS, Small business, Taxes
Business Emergency Plan

Beyond Fire Drills: Why Your Business Needs a Financial Safety Plan

May 15, 2024
Emergencies have a knack for arriving unannounced—often at the least convenient times. While most businesses diligently practice fire drills and stock up on emergency supplies,…
Read More Beyond Fire Drills: Why Your Business Needs a Financial Safety Plan
TagsBusiness, Disaster Preparedness, Finance, Financial Safety, IRS, Planning

Maximize Your Legacy: Is a Dynasty Trust the Key to Preserving Your Wealth?

May 8, 2024
With the 2024 elections on the horizon, tax discussions are increasingly focused on potential changes that could impact estate planning strategies. Estate planning opportunities today…
Read More Maximize Your Legacy: Is a Dynasty Trust the Key to Preserving Your Wealth?
TagsEstate Planning, Estate Tax, Financial Plan, Gifts, Tax law, Tax Planning, Taxes, Trusts, Wealth management
cannabis reclassified as schedule 1

The DEA Agrees to Reclassify Marijuana: What It Means and What Comes Next

May 1, 2024
Historic Shift in Federal Policy After over fifty years of federal prohibition, the Drug Enforcement Administration’s (DEA) proposal to reclassify marijuana from Schedule I to…
Read More The DEA Agrees to Reclassify Marijuana: What It Means and What Comes Next
Tags280E, Accounting, Business, Entrepreneur, IRS, Legal, Marijuana, Medical, Taxes
Tax Scams

Is It Really the IRS? Tips to Verify Authentic Contact

April 24, 2024
Have you ever questioned whether a message or call supposedly from the IRS was legitimate? In the age of increasing tax scams, knowing the hallmarks…
Read More Is It Really the IRS? Tips to Verify Authentic Contact
TagsIRS, Scam, Tax Audit, Tax Penalty, Taxes
Multi-Generational Wealth Transfer

Passing the Torch Without Burning Bridges: Avoiding Wealth Transfer Pitfalls

April 10, 2024
The greatest wealth transfer in history is underway, marking a pivotal moment for families at the crossroads of legacy and the future. Yet, passing on…
Read More Passing the Torch Without Burning Bridges: Avoiding Wealth Transfer Pitfalls
TagsChildren, Estate Planning, Estate Tax, Financial Safety, Multi-generational, Succession, Tax Planning, Trusts, Wealth management
parent tax credit children baby

From Cradles to Credits: Unraveling Tax Perks for Proud New Parents

April 3, 2024
Welcoming a new baby into your family is like embarking on an adventure filled with firsts: the first smile, the first word, and, yes, even…
Read More From Cradles to Credits: Unraveling Tax Perks for Proud New Parents
TagsChildcare, Children, Tax Credits, Tax Deduction, Taxes
behind the scenes accounting

Behind the Scenes: How Smith Patrick Helped Revamp the CPA Exam

March 27, 2024
Big news in the accounting world… The CPA exam is getting a major facelift in 2024, and it’s shaping up to be quite the game-changer….
Read More Behind the Scenes: How Smith Patrick Helped Revamp the CPA Exam
TagsAccounting, AICPA, Staff, Taxes
Green tax incentives Inflation Reduction Act

Green Incentives Unpacked: A Straightforward Guide to Your Energy Tax Breaks

March 20, 2024
Curious about the buzz around tax breaks for eco-friendly upgrades to your home or vehicle? The Inflation Reduction Act of 2022 (IRA) rolls out numerous…
Read More Green Incentives Unpacked: A Straightforward Guide to Your Energy Tax Breaks
TagsElectric Vehicles, Energy-Efficiency, Green, Legislation, Tax Credits, Tax Deduction, Taxes
cryptocurrency taxes

Bitcoin, NFTs, and Crypto Crashes: Understanding the Tax Implications

March 13, 2024
In the fast-paced world of digital currencies, staying informed about the latest tax obligations is more important than ever. With cryptocurrencies becoming increasingly integrated into…
Read More Bitcoin, NFTs, and Crypto Crashes: Understanding the Tax Implications
TagsDigital Asset, IRS, Tax law, Taxes
Missouri Cannabis Summit

Unlocking Financial Success in the Cannabis Industry: Join Us at the Missouri Cannabis Summit

March 6, 2024
Are you navigating the complexities of the cannabis industry, striving to make your mark while managing the intricate financial challenges that come with it? If…
Read More Unlocking Financial Success in the Cannabis Industry: Join Us at the Missouri Cannabis Summit
Tags280E, Accounting, Entity, Entrepreneur, Marijuana
STL Business Journal Features Smith Patrick CPAs

Smith Patrick CPAs Spotlighted by St. Louis Business Journal Amid Industry Shifts

February 21, 2024
Smith Patrick CPAs finds itself once again among the city’s largest accounting firms as ranked by the St. Louis Business Journal. Being named to the…
Read More Smith Patrick CPAs Spotlighted by St. Louis Business Journal Amid Industry Shifts
TagsAccounting, Business, CPA, StLouis
top CPA firms St. Louis MO

Smith Patrick CPAs Named a Top CPA Firm by St. Louis Business Journal

February 14, 2024
St. Louis, MO — Smith Patrick CPAs, an CPA firm known for its personal focus in accounting, wealth management, tax reporting and management consulting services,…
Read More Smith Patrick CPAs Named a Top CPA Firm by St. Louis Business Journal
TagsAccounting, Business, CPA, Staff, StLouis
Tax returns

Setting the Stage for a Smooth Tax Season

January 24, 2024
Preparing for Your 2023 Tax Returns & Planning Ahead for 2024 As we step into 2024, the annual ritual of preparing tax returns is upon…
Read More Setting the Stage for a Smooth Tax Season
TagsBusiness, Digital Asset, Electric Vehicles, Green, Planning, Retirement, Tax Credits, Tax Deduction, Tax law, Tax Planning, Taxes
Limited Partnership

Limited Partnerships: A Smart Choice for Your New Business Endeavor

January 17, 2024
Control Meets Collaboration with a Strategic Advantage for Entrepreneurs and Investors When starting a new business venture, choosing the right structure is a decision that…
Read More Limited Partnerships: A Smart Choice for Your New Business Endeavor
TagsBusiness, Entity, Taxes
succession exit planning business owner

Every Business Owner Needs an Exit Strategy: Navigating Succession Planning

January 10, 2024
As a business owner, your journey doesn’t just involve launching and growing your enterprise; it also includes planning for the day when you will step…
Read More Every Business Owner Needs an Exit Strategy: Navigating Succession Planning
TagsAcquisitions, Business, Buy-sell agreement, Entrepreneur, ESOP, Exit strategy, Small business, Succession, Valuation
Kiddie Tax Rules

How Kiddie Tax Rules Affect You

January 5, 2024
Are you exploring ways to optimize your family’s tax situation? Transferring assets to your children might seem like a straightforward strategy for tax savings, but…
Read More How Kiddie Tax Rules Affect You
Tags529 Plans, Accounting, Children, Taxes, Trusts
tax hacks

Smart Tax Moves: How to Save More When Filing Your Taxes

December 20, 2023
As the time to file your 2023 tax returns inches closer, it’s crucial to arm yourself with strategies that can save you money. Whether you’re…
Read More Smart Tax Moves: How to Save More When Filing Your Taxes
TagsTax Deduction, Tax Exemptions, Tax law, Tax Refund, Taxes, Year-end
Flexible spending account (FSA)

Making the Most of Your Flexible Spending Account

December 13, 2023
As the year draws to a close, it’s crucial to take a strategic approach to your Flexible Spending Account (FSA). With the IRS announcing a…
Read More Making the Most of Your Flexible Spending Account
TagsEmployee Benefits, Employees, Healthcare, Taxes, Year-end
Missouri Cannabis utility tax exemption

Reducing Overheads in Cannabis: Navigating Missouri’s Utility Tax Exemptions

December 6, 2023
By David Smith, CPA, MBA, CM&AA As the cannabis industry continues to flourish in Missouri, a significant opportunity has emerged for businesses to achieve substantial…
Read More Reducing Overheads in Cannabis: Navigating Missouri’s Utility Tax Exemptions
TagsEnergy-Efficiency, Marijuana, Missouri, Saving, Tax Exemptions, Taxes
year-end tax planning

Harnessing the Power of Year-End Tax Planning

November 29, 2023
As we approach the end of the year, it’s crucial to focus on tax planning to ensure financial efficiency and compliance. This article explores essential…
Read More Harnessing the Power of Year-End Tax Planning
Tags529 Plans, Accounting, Capital Gains, College Saving Plans, Gifts, IRAs, Tax law, Taxes, Year-end
Cannabis Business Financial Foundations

The Financial Foundations of a Thriving Cannabis Business

November 15, 2023
Navigating the ever-expanding cannabis industry can be as exhilarating as it is challenging. Whether you’re just stepping into this world as a new licensee or…
Read More The Financial Foundations of a Thriving Cannabis Business
Tags280E, Accounting, Banking, Business, Entity, IRS, Marijuana, Risk Management, Taxes
Giving To Donor-Advised Funds

Innovative Giving: Exploring the Flexibility of Donor-Advised Funds

November 8, 2023
Secure Your Tax Benefit Now and Guide Charitable Efforts Tomorrow Making a large charitable donation can be both a generous gesture and a strategic financial…
Read More Innovative Giving: Exploring the Flexibility of Donor-Advised Funds
TagsCharitable contribution, Tax Deduction, Taxes
SAFER Act Congress Cannabis Banking Challenges

Accounting Expert Insights on SAFER Act and Cannabis Industry Banking

November 1, 2023
Missouri Business Alert recently published an article on one of the cannabis industry’s most pressing concerns—limited access to traditional financial services. Providing expert commentary on…
Read More Accounting Expert Insights on SAFER Act and Cannabis Industry Banking
TagsBanking, Business, Entrepreneur, Federal, Legislation, Loans, Marijuana, Missouri
corporate airplane tax rules smith patrick cpa

Corporate Jets and the IRS: Making Sense of Airplane Tax Regulations

October 25, 2023
With the world of business travel in full swing, the appeal of having a corporate airplane grows stronger. Imagine no more waiting in lines, no…
Read More Corporate Jets and the IRS: Making Sense of Airplane Tax Regulations
TagsBusiness, Business deductions, IRS, Tax law, Taxes, Travel
IRAs: Secure Your Tomorrow

Secure Your Tomorrow: How IRAs Can Shape Your Retirement

October 18, 2023
Mapping out your financial future is a necessity, and it’s important to make it a priority now. Without proper planning, the path to retirement can…
Read More Secure Your Tomorrow: How IRAs Can Shape Your Retirement
TagsIRAs, IRS, Retirement, Taxes, Wealth management
Keeping Life Insurance Out of Your Estate

Life Insurance Benefits: How to Avoid Estate Taxes

October 11, 2023
For many, life insurance is a practical safeguard, promising to support loved ones in the event of untimely passing. However, the complexities of estate tax…
Read More Life Insurance Benefits: How to Avoid Estate Taxes
TagsBuy-sell agreement, Estate Planning, Estate Tax, Insurance, Taxes, Trusts
Cannabis Banking Challenges

Cannabis Banking in Missouri: Challenges, Progress, and the SAFER Banking Act

October 4, 2023
The cannabis industry in Missouri is growing rapidly, but cannabis businesses face a number of challenges, including accessing banking services. This is because marijuana is…
Read More Cannabis Banking in Missouri: Challenges, Progress, and the SAFER Banking Act
TagsAccounting, Banking, Federal, IRS, Legislation, Marijuana, Missouri
Tax Essentials for New Businesses

Starting a Business? Don’t Miss These Tax Essentials

September 27, 2023
Embarking on the journey of starting a new business is both exciting and daunting. While you might be enthusiastic about your product or service, the…
Read More Starting a Business? Don’t Miss These Tax Essentials
TagsAccounting, Business, Business deductions, IRS, Missouri, Self-employed, Startup, Tax law, Tax Planning, Taxes
Personal Residence Trusts

Passing Down the Family Home: A Tax-Savvy Approach with QPRT

September 20, 2023
The family home, often steeped in memories, is more than just a piece of real estate. So when the time comes to pass it down…
Read More Passing Down the Family Home: A Tax-Savvy Approach with QPRT
TagsEstate Planning, Estate Tax, Gifts, Home, Trusts
Litigation Support Accounting

Litigation Support Accounting: Unraveling the Complexities of Financial Disputes

September 13, 2023
Every legal battle is fraught with complexities, and when money enters the fray, things can get even murkier. It’s in these scenarios that litigation support…
Read More Litigation Support Accounting: Unraveling the Complexities of Financial Disputes
TagsForensic Accounting, Legal, Litigation Support
business meals tax deduction

Tax Rules and Tasty Bites: Navigating Business Meal Deductions

September 6, 2023
Picture this: you’re at a restaurant, discussing a potential deal with a client, celebrating a milestone with your team, or maybe even strategizing with a…
Read More Tax Rules and Tasty Bites: Navigating Business Meal Deductions
TagsAccounting, Business, Business deductions, IRS, Tax Deduction, Tax law, Taxes, Travel
SmithPatrick Education Session

Smith Patrick Cannabis Accounting Expert to Present at Lucky Leaf Expo, St. Louis, MO

August 30, 2023
Sarah Bantz, CPA, Shares Cannabis Accounting Expertise The leading cannabis expo, Lucky Leaf, is coming to Missouri on Oct. 6-7, 2023. Smith Patrick’s Sarah Bantz,…
Read More Smith Patrick Cannabis Accounting Expert to Present at Lucky Leaf Expo, St. Louis, MO
TagsAccounting, Banking, Marijuana, Staff, Tax Audit, Tax law, Taxes
Conservation Tax Benefit

Tax Saving Strategies for Nature Lovers: Conservation Easements and You

August 23, 2023
Interested in helping to conserve land for public use or preserve an historic structure from real property that you own? If you feel a deep…
Read More Tax Saving Strategies for Nature Lovers: Conservation Easements and You
TagsCharitable contribution, Estate Planning, Tax Deduction, Taxes
Homeownership Tax Benefits

Maximize Your Savings: Homeownership Tax Deductions and Programs

August 16, 2023
As summer winds down, new homeowners are getting settled into their properties. Beyond the excitement of this transition, it’s also an opportune time to dive…
Read More Maximize Your Savings: Homeownership Tax Deductions and Programs
TagsAccounting, Home, IRS, Tax Credits, Tax Deduction, Taxes
529 Plans Tax Savings

529 Plans Unveiled: Your Path to Tax-Free Education Savings

August 2, 2023
When it comes to securing a quality education, the costs can sometimes feel overwhelming. That’s where 529 plans shine as beacons of financial relief. These…
Read More 529 Plans Unveiled: Your Path to Tax-Free Education Savings
Tags529 Plans, College Saving Plans, Education, Tax Deduction, Tuition
Missouri Medical Marijuana Tax Update

Missouri Marijuana 2023 Tax Update: Rays of Hope

July 26, 2023
In a significant development for the cannabis industry, licensed marijuana businesses in Missouri are now permitted to bypass 280E for state tax filings. This new…
Read More Missouri Marijuana 2023 Tax Update: Rays of Hope
Tags280E, Federal, Legislation, Marijuana, Missouri, Tax law, Taxes
Legit or Sham Trusts?

Unmasking Sham Trusts: A Closer Look at Tax Evasion Dangers

July 19, 2023
Estate planning and tax optimization go hand in hand, enabling individuals to secure their financial future while minimizing tax liabilities. Amidst the realm of legitimate…
Read More Unmasking Sham Trusts: A Closer Look at Tax Evasion Dangers
TagsEstate Planning, Estate Tax, Financial Plan, IRS, Tax Penalty, Taxes, Trusts
Business Travel Tax Deductions

Business Travelers: Unlocking Tax Deductions Before Hitting the Road

July 12, 2023
Traveling for work can be both exciting and demanding. Whether you’re attending conferences sporadically or find yourself constantly on the road, it’s crucial to understand…
Read More Business Travelers: Unlocking Tax Deductions Before Hitting the Road
TagsBusiness, Tax Deduction, Taxes, Travel
Vacation Rental Tax Rules

Renting Your Vacation Home? Here’s What You Need to Know About Taxes

July 5, 2023
Does it make sense to rent out your vacation home for part of the year? How does it impact your tax deductions? Are you contemplating…
Read More Renting Your Vacation Home? Here’s What You Need to Know About Taxes
TagsProperty, Rental, Tax Deduction, Taxes, Vacation home
Valuation Demystified

Valuation Demystified: Navigating Finance with Expert Insights

June 28, 2023
Valuation is a crucial aspect of finance and investment, providing insights into the worth of a business or an asset. In the world of finance,…
Read More Valuation Demystified: Navigating Finance with Expert Insights
TagsAcquisitions, Divorce, Estate Planning, Forensic Accounting, Legal, Valuation

Smart Estate Planning: Utilize a Life Insurance Trust to Reduce Tax Burden

June 21, 2023
Estate taxes can quickly erode the value of even a modest estate, leaving your beneficiaries with a fraction of what you intended to pass on….
Read More Smart Estate Planning: Utilize a Life Insurance Trust to Reduce Tax Burden
TagsEstate Planning, Gifts, Insurance, Trusts
Home Sale Tax Exclusion

Summer Moves and Taxes: Unlocking the IRS Exclusion for Home Sellers

June 15, 2023
Summer is “moving season” for many people, as they sell one home and move to another. As the warm weather beckons, individuals and families seize…
Read More Summer Moves and Taxes: Unlocking the IRS Exclusion for Home Sellers
TagsAccounting, Capital Gains, Home, IRS, Tax Deduction, Tax law, Taxes
Tax Credit

Boost Employee Retention and Slash Taxes: Discover the Pension Plan Tax Credit for Small Businesses

June 7, 2023
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 Boost Employee Retention and Slash Taxes: Discover the Pension Plan Tax Credit for Small Businesses
TagsAccounting, Business, Employees, Retirement, Small business, Tax Credits, Taxes
Deducting Day Camp Costs

Summer Fun and Tax Breaks: Deducting Day Camp Costs Under the Child and Dependent Care Credit

May 31, 2023
As the summer season approaches, many parents struggle with childcare, and day camps can be a lifesaver. Did you know that some of these expenses…
Read More Summer Fun and Tax Breaks: Deducting Day Camp Costs Under the Child and Dependent Care Credit
TagsChildcare, Children, Tax Credits, Tax Deduction, Taxes
Charitable Remainder Trusts

Charitable Remainder Trusts: A Powerful Tool for Tax Savings and Impactful Giving

May 24, 2023
Support the Causes You Love and Save on Taxes with Your Estate Plan Crafting a well-rounded estate plan involves careful consideration of your financial goals…
Read More Charitable Remainder Trusts: A Powerful Tool for Tax Savings and Impactful Giving
TagsEstate Planning, Tax Planning, Trusts
Protect Your Finances in a Disaster

Secure Your Financial Future: Recommendations for Disaster-Proofing Your Finances

May 17, 2023
Natural disasters can wreak havoc on your life and finances. With mudslides, landslides, severe storms, and tornadoes already happening this year, it’s important to be…
Read More Secure Your Financial Future: Recommendations for Disaster-Proofing Your Finances
TagsDisaster Preparedness, Financial Safety, IRS, Taxes
frequent flyer miles tax

Are Frequent Flyer Miles Taxed When Redeemed?

May 10, 2023
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, Taxes, Travel
Navigating Divorce with a Financial Expert

Navigating Divorce: The Value of a Financial Expert in Marital Dissolution

May 3, 2023
Marital dissolution, or divorce, can be a complicated and emotional process that can impact both parties involved, their children, and their finances. A financial expert…
Read More Navigating Divorce: The Value of a Financial Expert in Marital Dissolution
TagsChildren, Divorce, Forensic Accounting, Marriage, Property, Valuation

2023 Tax Scams (Part 2): How to Protect Yourself from Fraudsters

April 25, 2023
With tax refund season in full swing, it’s important to be cautious and aware of potential scams. Scammers are always looking for ways to steal…
Read More 2023 Tax Scams (Part 2): How to Protect Yourself from Fraudsters
TagsIRS, Scam, Tax Deduction, Tax Refund, Taxes
budgeting basics

Budgeting Made Easy: How to Transform Your Financial Life Today

April 19, 2023
Do you ever find yourself wondering why you can’t seem to get ahead financially? Are you tired of living paycheck to paycheck and never being…
Read More Budgeting Made Easy: How to Transform Your Financial Life Today
TagsFinance, Financial Plan, Financial Safety

IRS Warns of Top Tax Scams for 2023: How to Stay Safe

April 12, 2023
With tax payers feeling the crunch as tax season comes to an end, it’s a ripe time for scammers to strike. The Internal Revenue Service…
Read More IRS Warns of Top Tax Scams for 2023: How to Stay Safe
TagsIRS, Scam, Tax Deduction, Tax Refund, Taxes

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