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Why “Buy Something” Is the Dumbest Tax Advice Ever

As the year-end approaches, business owners often hear a common refrain: “Buy something to reduce your taxes!” On the surface, it may sound logical. After all, purchasing new equipment or vehicles can generate deductions that lower your taxable income.

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Tips for Making Monthly Write-Up and Bookkeeping More Efficient

At Schanel & Associates, PA, we understand that efficient bookkeeping not only saves you time but also keeps your costs down. To help you make the most of your monthly write-up and bookkeeping services through QuickBooks Online (QBO), here are some practical tips.

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Five Concepts Central to Effective Tax Planning

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 view this work as essential to what we do and an important way to serve our clients' best interests.

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What Small Business Owners Need to Know About FinCEN’s Beneficial Owner Information Filing Requirements

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 owners—that is, the people who own or have significant control over the company—to the Financial Crimes Enforcement Network […]

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Strategic Equipment Purchase Planning: Navigating Tax Implications for Your Business

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 differential between the two years. When tax rates are equivalent or similar, the decision becomes […]

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Are Medical Malpractice Settlement Awards Taxable?

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 likely not be taxable. A […]

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Everything You Need to Know About Gifting

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 recipient doesn’t pay tax on the gift […]

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What Business Owners Need to Know About 1099’s

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 is an IRS form that tells the IRS who […]

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Why is the Income on My K-1 Different from the Cash I Received?

Making the switch from employee to business owner requires some getting used to. One of those adjustments is understanding the difference between the income reported on a K-1 and the amount of cash distributions received. Let’s look at some of the reasons why this happens. Taxable income is not always the same as cashflow When […]

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Enrolled Agent vs. CPA - What's the Difference?

What is an Enrolled Agent? Although no formal credentials are required to work as a tax preparer in the U.S., hiring one with a professional license protects your interests. Besides the obvious choice of hiring a CPA, an Enrolled Agent, or EA, is another option. Enrolled Agents are licensed at the federal level by the […]

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