Do you own commercial or investment real estate that has substantially increased in value? If you sell the property, you may be hit with a huge capital gain tax liability. Possible solution: Consider a Section 1031 exchange (also known as a like-kind exchange) in which you swap qualifying properties while paying zero or little current…
Our team of QuickBooks® ProAdvisors is an integral part of Lewis & Knopf’s Small Business Services department, partnering with clients to provide proactive solutions and support. Sara Ryal has been with Lewis & Knopf since 2005 and has been a QuickBooks® ProAdvisor since 2018. In addition to her role as a manager, she is a…
The Inflation Reduction Act that President Biden signed into law back in August, has a lesser-known provision that could benefit many small business startups, allowing them to potentially double the amount of the research and development tax credit they can claim from $250,000 to $500,000 per year against payroll taxes. This little-known tax benefit for…
If you need to hire, be aware of a valuable tax credit for employers hiring individuals from one or more targeted groups. The Work Opportunity Tax Credit (WOTC) is generally worth $2,400 for each eligible employee but can be worth more — in some cases much more. Targeted groups Generally, an employer is eligible for…
The IRS recently released Notice 2022-44, detailing updated special per diem rates. The new rates are effective for the period beginning October 1, 2022 and ending September 30, 2023. These rates apply to the per diem allowances paid by employers to their employees in order to cover “ordinary and necessary business expenses incurred while traveling…
The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by insurance due to the high-deductible provisions of their insurance coverage. However, an HSA…
Our team of QuickBooks® ProAdvisors are an integral part of Lewis & Knopf’s Small Business Services department, partnering with clients to provide proactive solutions and support. Anne Slobin is a manager with over 8 years of experience as a QuickBooks® ProAdvisor. She’s known for being easy-going and friendly and always strives to keep clients happy….
According to one recent study, about 27% of people in the United States between the ages of 55 and 67 years old have less than $10,000 saved for retirement. If you needed just one statistic to outline how important it is to plan ahead when you’re younger, let it be that one. Similarly, you need…
If you could not complete your 2021 tax return by April 18, 2022 and are now on extension, that extension expires on October 17, 2022. Failure to file before the extension period runs out can subject you to late-filing penalties. There are no additional extensions (except in designated disaster areas), so if you still do…
Any seasoned entrepreneur will tell you that coming up with an idea for a startup is ultimately the easy part of this process. Figuring out how you’re going to get the funds necessary to make that vision a reality? That part is a bit trickier. Selecting investors for your startup can be the hardest part…
