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…
Accounting | Cannabis | Tax
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…
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…
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…
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…
Tax Impact: Hobby or Business?
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…
Accounting | Cannabis | Tax
Tax Challenges Facing Marijuana Related Businesses (MRBs)
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…
Student Loan Cancellation: Impact on Taxes
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…
Prevent Tax-Related Identity Theft with an IRS IP PIN
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…
High Gas Prices Lead IRS to Increase Mileage Rate for 2022—Again
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…
Accounting | Consulting | Tax
Installment Sales: Defer Taxes, Attract Buyers
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…
Buy-Sell Agreements: Exit Strategy for Small Businesses
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…
Accounting | Cannabis | Tax
Things to Know About Tax Audits—Including Cautions for Cannabis Businesses
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…
IRS increases marijuana business audits after COVID-19 lull
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,…