What You Need to Know When it comes to tax preparation, many people and businesses rely on the various forms they receive to accurately report their income. Among these forms, the Form 1099 series is particularly significant, as it covers…
In the nonprofit sector, maintaining accountability and transparency is vital. Internal controls and separation of duties play pivotal roles in achieving this goal by safeguarding assets, ensuring accuracy in financial reporting, and complying with rules and regulations. Internal…
Bonus Depreciation & Section 179 Accelerated depreciation methods, such as bonus depreciation and the Section 179 deduction, provide business owners the opportunity to write off the cost of certain assets placed in service during the year quicker than traditional depreciation…
Document retention policies help ensure necessary documents are properly stored and protected. A document retention policy should contain a list of documents or document categories and the length of time nonprofit organizations should retain such documents. The document retention policy…
Being a real estate professional in the eyes of the IRS offers several benefits, particularly in terms of tax advantages. One of the primary benefits is the ability to deduct losses from real estate activities against other types of…
For the purposes of this article, we will refer to farms and ranches and “farm(s),” and farmers or ranchers as “farmer(s).” One great opportunity that can be missed on the family farm may be the hiring of your children to…
There have been major developments concerning Beneficial Owner Information (BOI) reporting in the last two days. The BOI report is once again required. The new deadline for filing the BOI report is March 21, 2025, for those businesses which were…
And should you hunt for them? We are often asked about things like medical expenses or that extra $25 donation and whether you should dig all of those things up. Under the current tax law, for many, the answer…
For the purposes of this article, we will refer to both farms and ranches and “ranch(es),” and farmer or rancher as “rancher(s).” I know a person who is a ranch employee for a large ranch and feedlot operation. Each fall,…
Charitable donations are a powerful tool to give back to your community and support causes dear to your heart while saving on income taxes. It’s crucial to navigate the process wisely to ensure your contributions are maximized and compliant…
