by Schanel CPA | Mar 19, 2024 | Small Business, Tax Advice
A significant development in regulatory compliance is upon us that will impact millions of small businesses nationwide. The Corporate Transparency Act (CTA), effective as of January 1, 2024, mandates that businesses must submit details about their beneficial...
by Schanel CPA | Dec 15, 2023 | Tax Advice, Tax Preparation
When planning major equipment purchases, business owners often face a crucial tax planning decision: whether to make the purchase this year or the next. This decision primarily revolves around several key factors, with the most significant being the tax rate...
by Schanel CPA | Nov 30, 2023 | Small Business
QuickBooks Desktop was a revolutionary product for small businesses, dating back to the 1990s. This product still inspires strong loyalty. However, its cloud-based alternative, QuickBooks Online (QBO), launched about a decade ago, has been gaining traction despite...
by Schanel CPA | Jan 5, 2022 | Tax Advice, Tax Preparation
Receiving a cash settlement from a medical malpractice case can be a huge relief after what is usually a long and protracted process. But before you spend it, make sure you’re aware of any tax impacts it may have. The good news is that most of the payment will most...
by Schanel CPA | Dec 18, 2021 | Tax Advice
Making generous gifts to others isn’t just about sharing your abundance with others – it’s also smart estate planning. But if you don’t follow the rules, you – or your estate – could face an expensive gift tax bill. Here’s what you need to know about gifting. The...
