TBC Information Network

Teal, Becker & Chiaramonte offering valuable insights, impressions and commentary on today's financial and business world.

Summertime Tax and Financial Tips

Although your taxes and finances may be the furthest thing from your mind during the summer, it’s good to know how certain things you do this summer may affect them. Here are a few financial tips to help you make the most of your summer. 1 | Hire your child. If you own a business,… [keep reading…]

Estate Planning: Protecting You and Your Family

No matter your age or the size of your estate, it is important to have an estate plan in place to help protect your family’s financial future, as well as your own. Here are a few general things to know about creating an estate plan. TRANSFERRING WEALTH TO HEIRS There is more than one way… [keep reading…]

5 Mistakes overlooked in Buy/Sell Agreements

A Buy/Sell Agreement, also called a business pre-nuptial agreement, or a business will, is a legal document that is used as the mechanism governs business owners when one of them leaves the business. The reality is that every business owner is going to leave. The reasons could be the owner quits, dies, becomes disabled, retires,… [keep reading…]

3 Ways to Prepare Financially for Unexpected Events

Unexpected events, such as a job loss, medical emergency, or property damage, can set you back financially. Fortunately, there are steps you can take before these events occur to help minimize their impact on your finances. Review your insurance Insurance can help protect you financially when unexpected events occur. Reviewing your policies regularly can help… [keep reading…]

Accounting for Manufacturing: Key Considerations for Inventory Management

Manufacturing companies face unique accounting challenges due to the complex nature of their operations such as including inventory management. In this article, we will explore some key considerations and best practices in inventory management. Inventory Management: Effective inventory management is critical for manufacturing companies to control costs and ensure smooth operations. Accounting plays a crucial… [keep reading…]

Important Update: QuickBooks Desktop 2021 Discontinuation

As of May 31, 2024, QuickBooks will be discontinuing support for QuickBooks Desktop 2021, impacting the software’s functionality. What You Need to Know: Companies on QuickBooks Desktop Payroll who do not select a new subscription before May 31, 2024, will lose the ability to run payroll or file payroll taxes. Exploring Options: Many QuickBooks desktop… [keep reading…]

LTPTE Changes

What Is Changing? 401(k) plans no longer can have a service condition that prevents an employee from making 401(k) salary deferrals if they have worked for your company at least 500 hours for 3 consecutive years. Example: Your 401(k) plan requires employees to complete a year of service (1,000 hours) before they are eligible to… [keep reading…]

TBC Names New Shareholder

Pannucci Named Shareholder Albany, NY:  Teal, Becker & Chiaramonte, CPAs, P.C. (TBC), the largest CPA firm based in the Capital District, is pleased to announce Nathan Pannucci has been named Shareholder, effective January 1st. Mr. Pannucci, a dedicated professional who joined TBC in 2010, holds a Bachelor of Business Administration in Accounting from the State… [keep reading…]

Business Year End Planning

Tax Planning for Businesses With tax year 2023 ending, 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… [keep reading…]

Individual Year End Planning

Tax Planning for Individuals Annual gift exclusion and estate tax exemption The annual gift exclusion for 2023 is $17,000 per person and will increase to $18,000 in 2024. Married couples who elect to gift split can give $34,000 per person in 2023 and $36,000 in 2024.  There are no  limits on how many donees can… [keep reading…]

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