What Is Business Cash Flow?
As the name suggests, cash flow is a term used to describe the money coming into and out of a business. Cash received – like money being paid to the business from its customers – would be inflow. Cash spent – like the funds being paid to vendor partners and other operational costs – would…
What a Different Six Months Can Make
An alternate valuation date can reduce estate tax liability If you have money invested in the stock market, you’re well aware of potential volatility. Needless to say, this volatility can affect your net worth, thus affecting your lifestyle. Something you might not think about is the potential effect on your estate tax liability. Specifically, if…
Beware The Five-Year Rule for Roth IRA Withdrawals
What makes Roth IRAs so appealing? Primarily, it’s the ability to withdraw money from them tax-free. But to enjoy this benefit, there are a few rules you must follow, including the widely misunderstood five-year rule. 3 types of withdrawals To understand the five-year rule, you first need to understand the three types of funds that…
The Tax Consequences of Gig Work
Over the last decade, in particular, the definition of the term “career” has changed. Rather than being employed by a single entity for which you receive a W2 at the end of the year, many are now participating in the “gig economy” in a variety of ways. They’re not just working a day job. They’re…
Pump Up Tax Savings With The Fuel Credit
Companies that wish to reduce their tax bills or increase their refunds shouldn’t overlook the fuel tax credit. It’s available for federal tax paid on fuel used for nontaxable purposes. When does the federal fuel tax apply? The federal fuel tax, which is used to fund highway and road maintenance programs, is collected from buyers…
QuickBooks® ProAdvisors Spotlight: Brittan Sepanak
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. Brittan Sepanak has been with Lewis & Knopf since 2020. She has been a QuickBooks® ProAdvisor for one year and has been using QuickBooks® Desktop and QuickBooks® Online for…
Time is Running Out to Take Your 2022 RMD
Required Minimum Distributions (RMD) are required taxable distributions from qualified retirement plans and are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax code does not allow taxpayers to indefinitely keep funds in their qualified retirement plans. Eventually, these assets must be distributed, and taxes must be…
IRS Plans On Targeting Abusive ERTC Claims
Have you seen those ads on television or received email solicitations promoting a large tax credit? The large tax credit they are referring to is the employee retention tax credit (ERTC). The ERTC is a government-sponsored program to keep workers employed during 2020 and 2021 because of the COVID pandemic by providing refundable tax credits…