A retirement plan is a great way for business owners and self-employed individuals to build wealth for retirement. Most plans are easy to set up and operate and offer significant tax advantages. Plus, you generally can contribute more to a business retirement plan than you can to a personal IRA. Here are a few types… [keep reading…]
U.S. Companies with Foreign Sales May Benefit from Tax Credit
Included in the many provisions of 2017’s Tax Cuts and Jobs Act (“TCJA”) was the creation of the Foreign Derived Intangible Income (“FDII”) Deduction for tax years beginning after December 31, 2017. While the naming of the deduction may lead taxpayers to question their eligibility, many U.S. companies with foreign sales may find that they… [keep reading…]
What’s Important When it Comes to Documenting Board Minutes
Board members are fiduciaries of an organization and board minutes are considered legal documents that can also serve as a record for future reference. Minutes can provide evidence that a board has exercised care in decision making as well as serve as proof that the board operates in accordance with their own stated requirements (likely… [keep reading…]
NEW NYS Tax Credit for Homeowners. Do You Qualify?
New York State has a NEW property tax credit for homeowners who make less than $250,000. To Qualify: You must be a NYS resident for the full year. In addition, the home must be your primary residence and you must have lived in the home at least 183 days during the year. The credit… [keep reading…]
Thinking about your 2021 personal tax return and items needed to file?
These are a few items to consider when gathering your personal income tax data for the upcoming tax year: Economic Impact Payment The IRS issued a third round of stimulus checks starting March 12, 2021. Be sure to let your tax preparer know how much you received. Payments were $1,400 for each individual plus an… [keep reading…]
Real Estate and the Current Local Economy
Real estate in the Capital Region is booming, rental prices are increasing and homes are selling at record highs. The local market inventory levels are still low which is resulting in local homes and apartments seeing an increase in value. Depending on your living situation it may be a great opportunity to take advantage of… [keep reading…]
LIFO Impacts on Auto Dealers
These last 2 years have certainly been a rollercoaster ride for most automobile dealers. From the fear and uncertainties caused by shutdowns at the start of the pandemic, to labor shortages, to parts inventory delays and shortages, to government assistance programs, to record high used vehicle prices, to new vehicle inventory supply issues caused by… [keep reading…]
Teal, Becker & Chiaramonte Celebrates 50th Anniversary
Albany, NY: 2021 has marked the 50th anniversary for Teal, Becker & Chiaramonte, CPAs, P.C. (TBC), the largest CPA firm based in the Capital Region. TBC has been serving thousands of clients for five decades in the areas of accounting, auditing, tax and advisory services, as well as other specialty services including pension administration services,… [keep reading…]
Tax Planning for Businesses
With tax year 2021 coming to a close, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for Businesses. Review your accounting method Businesses typically use either an accrual method of accounting or… [keep reading…]
Tax Planning for Individuals
With tax year 2021 coming to a close, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for individuals: Income/Deduction Deferral or Acceleration Consider the following to accelerate income into the current year:… [keep reading…]