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Stay One Step Ahead: Safeguard Your Records Before the Unexpected Hits
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…
Educators, Time is Ticking: Claim Up to $300 for Supplies Before October 15, 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…
VIDEO: Are You Eligible for a St. Louis Earnings Tax Refund?
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…
Building Team Spirit, One Bite at a Time: Smith Patrick’s Bake-Off
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…
Deadline Alert: Claim Your St. Louis City Earnings Tax Refund
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…
Can You Deduct Business Travel Expenses? Here’s the Latest
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…
Smith Patrick CPAs: A Place Where You Can Grow, Thrive, and Enjoy the Ride
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…
Feeling the Pinch of Tuition? These Tax Credits Might Be Your New Best Friend
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….
Unlock Hidden Tax Savings with Your Home Office Computer – Learn How
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…
Renting to Relatives: 5 Tax Tips Every Homeowner Should Know
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…
Christian Stein Joins Smith Patrick CPAs, Expanding Strategy, Valuation and Litigation Support Services
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…
St. Louis Remote Workers: Claim $2,400 or More in Earnings Tax Refunds
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…
What Every Home Seller Should Know About Taxes
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…
Remote Workers: Court Ruling Could Mean Tax Refunds on 1% St. Louis City Earnings Tax
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…
The Newlywed Tax Guide: Steps to Take After Saying “I Do”
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…
Why Selling Your Home to a Relative Might Cost You More Than You Think
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….
Sunshine and Savings: Summer Activities That Impact Your Taxes
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…
Tax Checklist for Closing Your Business
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…
Beyond Fire Drills: Why Your Business Needs a Financial Safety Plan
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,…
Maximize Your Legacy: Is a Dynasty Trust the Key to Preserving Your Wealth?
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…
The DEA Agrees to Reclassify Marijuana: What It Means and What Comes Next
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…
Is It Really the IRS? Tips to Verify Authentic Contact
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…
Missed the Tax Deadline? Here’s What You Can Do Now
So, the tax deadline has come and gone, and there you are, still with an unfiled tax return. It happens to the best of us!…
Passing the Torch Without Burning Bridges: Avoiding Wealth Transfer Pitfalls
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…
From Cradles to Credits: Unraveling Tax Perks for Proud New Parents
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…
Behind the Scenes: How Smith Patrick Helped Revamp the CPA Exam
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….
Green Incentives Unpacked: A Straightforward Guide to Your Energy Tax Breaks
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…
Bitcoin, NFTs, and Crypto Crashes: Understanding the Tax Implications
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…
Unlocking Financial Success in the Cannabis Industry: Join Us at the Missouri Cannabis Summit
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…
How to Choose a Tax Preparer: Your Guide to Making the Right Decision
As tax season approaches, the task of selecting a reliable tax preparer becomes crucial. The Internal Revenue Service (IRS) emphasizes the importance of choosing a…
Smith Patrick CPAs Spotlighted by St. Louis Business Journal Amid Industry Shifts
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…
Smith Patrick CPAs Named a Top CPA Firm by St. Louis Business Journal
St. Louis, MO — Smith Patrick CPAs, an CPA firm known for its personal focus in accounting, wealth management, tax reporting and management consulting services,…
Setting the Stage for a Smooth Tax Season
Preparing for Your 2023 Tax Returns & Planning Ahead for 2024 As we step into 2024, the annual ritual of preparing tax returns is upon…
Limited Partnerships: A Smart Choice for Your New Business Endeavor
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…
Every Business Owner Needs an Exit Strategy: Navigating Succession Planning
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…
How Kiddie Tax Rules Affect You
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…
Smart Tax Moves: How to Save More When Filing Your Taxes
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…
Making the Most of Your Flexible Spending Account
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…
Reducing Overheads in Cannabis: Navigating Missouri’s Utility Tax Exemptions
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…
Harnessing the Power of Year-End Tax Planning
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…
The Financial Foundations of a Thriving Cannabis Business
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…
Innovative Giving: Exploring the Flexibility of Donor-Advised Funds
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…
Accounting Expert Insights on SAFER Act and Cannabis Industry Banking
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…
Corporate Jets and the IRS: Making Sense of Airplane Tax Regulations
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…
Secure Your Tomorrow: How IRAs Can Shape Your Retirement
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…
Life Insurance Benefits: How to Avoid Estate Taxes
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…
Cannabis Banking in Missouri: Challenges, Progress, and the SAFER Banking Act
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…
Starting a Business? Don’t Miss These Tax Essentials
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…
Passing Down the Family Home: A Tax-Savvy Approach with QPRT
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…
Litigation Support Accounting: Unraveling the Complexities of Financial Disputes
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…
Tax Rules and Tasty Bites: Navigating Business Meal Deductions
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…
Smith Patrick Cannabis Accounting Expert to Present at Lucky Leaf Expo, St. Louis, MO
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,…
Tax Saving Strategies for Nature Lovers: Conservation Easements and You
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…
Maximize Your Savings: Homeownership Tax Deductions and Programs
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…
529 Plans Unveiled: Your Path to Tax-Free Education Savings
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…
Missouri Marijuana 2023 Tax Update: Rays of Hope
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…
Unmasking Sham Trusts: A Closer Look at Tax Evasion Dangers
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…
Business Travelers: Unlocking Tax Deductions Before Hitting the Road
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…
Renting Your Vacation Home? Here’s What You Need to Know About Taxes
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…
Valuation Demystified: Navigating Finance with Expert Insights
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,…
Smart Estate Planning: Utilize a Life Insurance Trust to Reduce Tax Burden
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….
Summer Moves and Taxes: Unlocking the IRS Exclusion for Home Sellers
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…
Boost Employee Retention and Slash Taxes: Discover the Pension Plan Tax Credit for Small Businesses
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…
Summer Fun and Tax Breaks: Deducting Day Camp Costs Under the Child and Dependent Care Credit
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…
Charitable Remainder Trusts: A Powerful Tool for Tax Savings and Impactful Giving
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…
Secure Your Financial Future: Recommendations for Disaster-Proofing Your Finances
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…
Are Frequent Flyer Miles Taxed When Redeemed?
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…
Navigating Divorce: The Value of a Financial Expert in Marital Dissolution
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…
2023 Tax Scams (Part 2): How to Protect Yourself from Fraudsters
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…
Budgeting Made Easy: How to Transform Your Financial Life Today
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…
IRS Warns of Top Tax Scams for 2023: How to Stay Safe
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…
Protecting Your Gifts with Crummey Trusts
Are you concerned about giving significant amounts of cash to your children or grandchildren and not knowing how they will use it? A Crummey trust…
How Smith Patrick CPAs Is Guiding Missouri’s Cannabis Entrepreneurs through the Tax Maze
The Missouri cannabis industry is growing, and Amendment 3 has brought new tax deductions for marijuana businesses. Smith Patrick CPAs, a cannabis-focused CPA firm, is…
Reduce Your Tax Bill on New Business Startup Costs: Here’s How
Starting a business is an exciting and challenging endeavor, but it’s important to keep taxes in mind. Whether you’re just getting started or already up…
What You Should Know When Choosing a Tax Professional
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…
Mastering Tax Rules for American Business Travelers Abroad: Tips and Tricks from CPAs
Are you planning a business trip overseas and are wondering about tax deductions? As a Certified Public Accountant (CPA) firm, we’ve got you covered! Let’s…
Missouri Accounting Firm Smith Patrick CPAs Recognized for Growth by St. Louis Business Journal
The St. Louis Business Journal highlighted the growth of Smith Patrick CPAs in its 2023 St. Louis Largest Accounting Firms list, which ranks the top…
Missouri Marijuana Entrepreneurs to Receive More Tax Deductions with Amendment 3, Explains Cannabis CPA Expert
Tax law is changing for the benefit of Missouri cannabis businesses with the passing of Missouri Amendment 3. Not only did this extend marijuana from…
How Does the Estate Tax Exemption Impact You?
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…
Sarah Bantz Joins Smith Patrick CPAs, Brings Cannabis Accounting Expertise
Bantz Brings Cannabis Controller Experience to Growing St. Louis Accounting Firm St. Louis, MO — Smith Patrick CPAs announces that Sarah Bantz, CPA, has joined…
What to Expect During IRS Cannabis Audits
Cannabis Audit Procedures Revealed in Confidential IRS Document It’s been documented that the IRS looks closely at cannabis businesses. We’ll take a look at the…
Attention Marijuana Operators: Learn the Tax Implications of Missouri Amendment 3
Tax law is changing for Missouri cannabis businesses. On November 8, 2022, Missouri Amendment 3, the Marijuana Legalization Initiative, was approved by voters, extending marijuana…
Life Insurance: Answers to Most Common Questions
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…
Self-Employed Health Insurance Tax Deduction
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…
Smith Patrick CPAs Participates in AICPA Diverse Student Internship in 2024
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…
Beware: Gift Card Tax Scams
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…
Seniors: Reduce Your Tax Burden by Donating to Charity through Your Retirement Account
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…
Are Your Social Security Benefits Taxed?
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…
Make Taxes Easier with Year-End Tax Planning
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…
Save Money on Your 2022 Taxes
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…
How to Maximize Capital Gains and Losses on Your Taxes
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…
More Electric Vehicle Tax Incentives Coming in 2023
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…
Green Home Improvements? Get Tax Credits with Inflation Reduction Act
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…
Life Insurance: What’s Best for You?
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,…
Online Safety Steps to Avoid Tax Scams & Protect Your Identity
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…
Charitable Giving Made Simple
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…
Avoid Cannabis Tax Mistakes that Can Destroy Your Company
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…
This Tax Credit Can Help Employers Facing a Tight Job Market
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…
Why Increased Tax Basis on Your Home Is a Good Thing
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…