by Todd Schanel, CFA, CPA, CFP® | Jul 18, 2024 | Tax Advice
In this article, we will explore five essential tax concepts that serve as a foundation for effective tax planning. While incorporating these concepts into planning can require considerable time, effort, and complex calculations, the benefits are often substantial. We...
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 | 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...
by Schanel CPA | Jan 13, 2021 | IRS, Tax Advice, Tax Preparation
An important aspect of tax compliance for business owners is the requirement to file a 1099 for certain payments made during the normal course of business. If you are a business owner, below is a summary of what you need to know. What is a 1099? A 1099...
