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Lesley L. Price, CPA

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2022 Year-End Tax Planning for Individuals

Posted by Lesley L. Price, CPA on Nov 17, 2022

With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2022 and 2023 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations.

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Posted in Individual Tax

What Local Transportation Costs Can Your Business Deduct?

Posted by Lesley L. Price, CPA on Oct 11, 2022

You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses.

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Posted in Business Tax

Separating Your Business From Its Real Estate

Posted by Lesley L. Price, CPA on Sep 13, 2022

Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the tax, liability, and estate planning advantages of separating real estate ownership from the business.

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Posted in Business Advisory

Engaging Donors at Every Level: A Checklist

Posted by Lesley L. Price, CPA on Aug 04, 2022

Nonprofit organizations have been navigating change in almost every aspect of their operations over the past two years, including shifting priorities, a new employment landscape, and changes in fundraising and hosting programs and events. As organizations continue to reimagine what their futures will look like, donor engagement strategies should be reevaluated and refined to ensure they keep up with these other changes. Consider the following steps to support strong donor engagement:

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Posted in Business Advisory

Three Tax Breaks for Small Businesses

Posted by Lesley L. Price, CPA on Jul 26, 2022

Sometimes, bigger isn't better: Your small- or medium-sized business may be eligible for some tax breaks that aren't available to larger businesses. Here are some examples.

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Posted in Business Tax

Year-End Planning for the Solar Energy Investment Tax Credit

Posted by Lesley L. Price, CPA on Jun 17, 2022

Solar energy is a popular choice for businesses looking to reduce their carbon footprint through alternative energy sources. In addition to supporting a company’s environmental, social, and governance (ESG) strategy, converting to solar energy can potentially lock-in lower energy rates. Further, Section 48 of the Internal Revenue Code provides businesses that invest in solar energy a 26% Investment Tax Credit (ITC) on qualifying solar property placed in service before January 1, 2026 — but only if construction begins on the property before January 1, 2023. Otherwise, the credit is phased down to as low as 10%.

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Posted in Business Tax

IRS Issues Proposed Regulations That Refine Estate and Gift Tax Anti-Clawback Rule

Posted by Lesley L. Price, CPA on May 26, 2022

The Treasury Department, on April 26, 2022, released proposed regulations limiting the anti-clawback rule previously published on November 26, 2019. The proposed regulations – REG-118913-21 – address certain situations in which an estate could be taxed on gifts made by a donor after 2017 and before a reduction in the basic exclusion amount (BEA), wherein the gifts were free of gift tax when made.

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Posted in Estate Planning

Tax Planning Ideas for All Seasons

Posted by Lesley L. Price, CPA on May 03, 2022

The end of any tax year is a natural time to consider tax planning ideas for the year ahead — and beyond. What tax-related changes should you be aware of this year? We expect to see adjustments to tax brackets and other minor changes to the tax code. But the prospects for more impactful developments in the tax environment are still unclear.

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Posted in Individual Tax

Tax Breaks for Businesses and Self-Employed Taxpayers

Posted by Lesley L. Price, CPA on Apr 13, 2022

As the 2021 tax filing season progresses, small businesses and self-employed taxpayers should make certain they are taking advantage of all of the tax deductions and opportunities available to them on their 2021 federal income tax returns. Tax savings increases after-tax cash flow and can mean greater return on investment and more money to fund expansion and the overall growth of the business. The following are 10 top tax breaks for small businesses and business owners to keep in mind when finalizing their tax returns for 2021 and planning for 2022.

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Posted in Business Tax

Does Your Business Barter?

Posted by Lesley L. Price, CPA on Mar 08, 2022

Here are some facts you should know.

In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade, and the internet has made it easier to engage with other businesses. But if your business gets involved in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the transaction results in taxable income for both parties.

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Posted in Business Tax

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