October Extended Due Date Just Around the Corner
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…
How to Protect Yourself When Selecting Investors For Your Startup
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…
Life Changing Events Can Impact Your Taxes
Throughout your life, there will be certain significant occasions that will impact not only your day-to-day living but also your taxes. Here are a few of those events: Getting Married – If you just got married or are considering getting married, you need to be aware that once you are married you no longer file…
Inflation and an Economic Slowdown: A Double Whammy for your Finances
Newspapers and media reports have been filled with talk of inflation and recession. Experts are arguing about the definition of the latter. Pundits are pondering whether the slowdown reflected in the latest consumer price index report means that inflation has peaked. You, in the meantime, are still staring in disbelief at the numbers that are rolling by…
President Biden Signs The Inflation Reduction Act into Law
On August 16, President Biden signed the Inflation Reduction Act (IRA) into law. The enormous bill—clocking in at 725 pages—contains a wide range of provisions and comes with a nearly $750 billion price tag. “The bill is fighting inflation and has a whole lot of collateral benefits as well,” said former Treasury Secretary Larry Summers,…
Not All Interest Is Deductible For Taxes
A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately, not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds are used for personal, investment, or business activities. Interest…
Don’t Overlook Your Charitable Contributions
Your charitable contributions include a wide variety of tax-saving opportunities, some you may not be aware of, and some that are frequently overlooked. And there are some contributions that you may believe are deductible that really are not. Being knowledgeable of what is and is not a qualified charity, a qualified charitable contribution, and charitable…
Will Your Planned Retirement Income Be Enough after Taxes?
That is an important question because the actual money you have to spend when you retire depends upon the after-tax sources of your retirement income. Thus it is important to understand how the various retirement vehicles are taxed. There is significant diversity in taxation since a retiree must consider both Federal and state taxes on…
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- Security Update for NetClient CS Portal Login
October 19, 2023 - Lewis & Knopf, CPAs, P.C. Recognized as One of ‘Flint & Genesee’s Top 10 Employers’
October 2, 2023
