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Protective Claims: Preserving Your Ability to Deduct Prior Year 280E Expenses
For cannabis businesses grappling with the heavy tax burden of Section 280E, the IRS recently made its position crystal clear: don’t try to sidestep it…
Too Good to Be True: The Truth About Fuel Tax Credit Scams
When Scams Go Off-Road (Literally) Welcome back, savvy taxpayers! We’re rolling into No. 5 on the IRS’s annual Dirty Dozen list: the infamous False Fuel Tax…
How to Gift Money to Grads (Without Tax Surprises)
Graduation season is here, and if you’re wondering whether it’s okay to tuck a little cash into that card: yes, it is. Money is the…
Big Tax Shifts Ahead: What’s in the “Big Beautiful Bill” for Families and Businesses
The tax landscape may soon shift again. The “One Big Beautiful Bill,” passed by the House in May, is now being debated in the Senate—and…
Meet Johny Tran: Helping Clients Navigate Complex Tax Needs
Johny has been part of the Smith Patrick CPAs team for some time, working behind the scenes to help our clients navigate increasingly complex tax…
Fake IRS Account Helpers Are After Your Info
In the third article of our IRS Dirty Dozen tax scam series, we look at how scammers pose as helpful IRS account assistants to steal…
Graduating with Debt: Financial Tips for New Grads
You did it—diploma in hand, dreams ahead, and a student loan balance that might rival the GDP of a small country. Welcome to post-grad life,…
The Dangers of TikTok Tax Tips
Bad advice travels fast—especially online. In the second article of our IRS Dirty Dozen series, we break down how viral tax myths can land you…
Living Abroad? 10 Tax Truths Every U.S. Expat Should Know
Living abroad might feel like a fresh start, but when it comes to taxes, the U.S. keeps you on its radar. If you’re an American…
How to Spend Your Tax Refund Wisely (Without Regret or Buyer’s Remorse)
Ah, tax season. That magical time of year when the IRS might just send you a check for overpaying them all year long. It’s like…
Kicking Off Our IRS Dirty Dozen Series: Don’t Click That “IRS” Email
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…
Oops! Missed the Tax Filing Deadline? Here’s What to Do Next
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,…
Dodging the Tax Traps: Common Expat Mistakes (and How to Avoid Them)
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…
The IRS “Dirty” Tax Scams to Avoid in 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…
What U.S. Expats Should Know About Taxes Abroad
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,…
Filing Last-Minute Taxes? Here’s How to Save—and Stay Sane
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…
Why a Fractional CFO May Be the Right Fit for Cannabis Businesses
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,…
How to Make Tax Season Less Painful (Yes, Really)
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…
Sarah Bantz Voted Best Cannabis Accountant Missouri in the Greenway Best of the Industry Awards
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…
Growing to Serve You: Meet the Team Enhancing Your Experience at Smith Patrick CPAs
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…
How Are Fractional CFOs Different from Accountants?
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…
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…
What is a Fractional CFO (and Do You Need One)?
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…
Home Sale Taxes Explained: How Tax Basis Impacts What You Pay
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…
Smart Tax Strategies for International Business Travel
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…
529 Plans Evolved: Flexible Savings for Education and Beyond
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…
Life Insurance: What’s Best for You?
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…
Smith Patrick Participates in CPA Program: Experience, Learn, and Earn (ELE) by AICPA and NASBA
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…
Understanding Taxes on Gifted Property Sales: Key Rules and Examples
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…
Smith Patrick’s Sarah Bantz Elected Treasurer of We Are JAINE: Elevating Women in Cannabis
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….
Year-End 2024 Tax Planning: Make Smart Moves Before the Ball Drops
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…
Smith Patrick’s Chili Showdown: A Spicy Success
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…
Practical Financial Advice for Small Business Owners from Award-Winning CPA, Debra Annis
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….
BOI Compliance Deadline Approaching: What Business Owners Need to Know
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…
Tax Scams Exposed: How to Protect Yourself This Holiday Season
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…
Protect Your Business Against Data Loss and Fraud: It’s Easier Than You Think
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…
A Guide to Taxpayer Identity Theft: What You Need to Know
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…
Smith Patrick’s Debra Annis Earns Best Accountant Recognition for 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…
Missouri’s Consumer-Friendly Marijuana Tax System: What You Need to Know
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,…
From Donations to Deductions: Understanding the Tax Implications of Crowdfunding
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,…
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…
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…
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….