What is an HSA? Health Savings Accounts, or HSA’s, are essentially personal bank accounts that can be used for medical expenses. Contributions are made tax free as well as withdrawals when they are made for qualified health expenses. People tend to use these accounts alongside their retirement plans to reduce their taxable income.
Author Archives: Whittaker
30
Nov
Nov
What is Cost Segregation? Cost Segregation is a tax deferral strategy for commercial real estate owners. It allows them to utilize accelerated depreciation deductions to create more cash flow. The aim of a cost segregation study is to identify the personal property components of a building that can be depreciated and
23
Nov
Nov
What is Basis? Basis measures the amount that the property’s owner is treated as having invested in the property. In most situations, the basis of an asset is its cost to you. The cost is the amount you pay for the property in cash, debt obligations, and other property or services.
16
Nov
Nov
What is Basis? There are two distinct types of basis that apply to the partnership and to each partner. Outside basis refers to a partner’s interest in a partnership. Inside basis refers to a partnership’s basis in its assets. Generally, basis measures the amount that the property’s
09
Nov
Nov
Why Does Entity Type It Matter? When it comes to starting a business, it is crucial to form the right entity. A specific entity can affect many things from tax rates, personal liability, and what it takes to keep up with it. All these including more are important factors to think
31
Oct
Oct
Knoster Model For Managing Complex Change If you are trying to implement new changes to your team, as a leader is important that they have the right tools to succeed. Often times we wish there was a plan or formula for success, well when we look at the Knoster chart we are given
25
Oct
Oct
What is the ERC? The employee retention credit, better known as ERC is a refundable tax credit designed for businesses who continued to pay their employees during shutdown or decline in gross receipts due to the Covid-19 pandemic. Eligible taxpayers can claim this credit from March 13, 2020, to December 31, 2021[1], on an
13
Oct
Oct
Overview As a leader of a successful business, you may be in the position that you are looking to create a retirement plan for you and your employees. Maybe you are looking to make sure that you have the right plan for your situation. Well, every year we help clients determine the best plan
30
Sep
Sep
How can I defer the taxes on the sale of my residence or vacation home? We recently had a client move out of California and purchase a new residence in another state. They want to sell their California residence AND their vacation house that is also in California. Both properties have taxable gains of more
15
Sep
Sep
Will my new car qualify for the New Clean Vehicle Credit? You must be excited. You are either looking for a new vehicle or you have just purchased one. With the passing of the Inflation Reduction Act of 2022 on August 16, 2022, there have been changes to the tax rules around which