Deferring A Tax Hit with A Sec. 1031 Exchange
Do you own commercial or investment real estate that has substantially increased in value? If you sell the property, you may be hit with a huge capital gain tax liability. Possible solution: Consider a Section 1031 exchange (also known as a like-kind exchange) in which you swap qualifying properties while paying zero or little current…
QuickBooks® ProAdvisors Spotlight: Sara Ryal
Our team of QuickBooks® ProAdvisors is an integral part of Lewis & Knopf’s Small Business Services department, partnering with clients to provide proactive solutions and support. Sara Ryal has been with Lewis & Knopf since 2005 and has been a QuickBooks® ProAdvisor since 2018. In addition to her role as a manager, she is a…
Research Credit Potentially Doubled By The Inflation Reduction Act
The Inflation Reduction Act that President Biden signed into law back in August, has a lesser-known provision that could benefit many small business startups, allowing them to potentially double the amount of the research and development tax credit they can claim from $250,000 to $500,000 per year against payroll taxes. This little-known tax benefit for…
Hiring? You may be eligible for a valuable tax credit, the WOTC
If you need to hire, be aware of a valuable tax credit for employers hiring individuals from one or more targeted groups. The Work Opportunity Tax Credit (WOTC) is generally worth $2,400 for each eligible employee but can be worth more — in some cases much more. Targeted groups Generally, an employer is eligible for…
IRS Announces Special Per Diem Rates Beginning October 1, 2022
The IRS recently released Notice 2022-44, detailing updated special per diem rates. The new rates are effective for the period beginning October 1, 2022 and ending September 30, 2023. These rates apply to the per diem allowances paid by employers to their employees in order to cover “ordinary and necessary business expenses incurred while traveling…
Health Savings Accounts Fill Multiple Tax Needs
The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by insurance due to the high-deductible provisions of their insurance coverage. However, an HSA…
QuickBooks® ProAdvisors Spotlight: Anne Slobin
Our team of QuickBooks® ProAdvisors are an integral part of Lewis & Knopf’s Small Business Services department, partnering with clients to provide proactive solutions and support. Anne Slobin is a manager with over 8 years of experience as a QuickBooks® ProAdvisor. She’s known for being easy-going and friendly and always strives to keep clients happy….
If You Want to Maximize Your Social Security Income, You Need to Start Planning Now
According to one recent study, about 27% of people in the United States between the ages of 55 and 67 years old have less than $10,000 saved for retirement. If you needed just one statistic to outline how important it is to plan ahead when you’re younger, let it be that one. Similarly, you need…
Firm News
- Security Update for NetClient CS Portal Login
October 19, 2023 - Lewis & Knopf, CPAs, P.C. Recognized as One of ‘Flint & Genesee’s Top 10 Employers’
October 2, 2023
