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…
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Accounting | Consulting | Tax
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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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,…
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Smith Patrick Named One of St. Louis’ Largest Accounting Firms
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…
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Accounting | Cannabis | News | Tax
For Legalized Marijuana, Banking Woes Persist: Smith Weighs in on St. Louis Public Radio
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…
