January 2023
NEUHAUS CPAS JANUARY 2023 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US: Unsubscribe Your Privacy Disclaimer of Liability © 2023, Powered by Thomson Reuters Checkpoint Important Tax Figures for 2023 Every year, the amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some tax figures for 2023, compared with 2022, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions and more. Good news: Many increases are higher than in past years due to inflation. Full Article Tax Blueprint for Deducting Demolition Costs Under the tax law there are no current tax deductions for demolishing a commercial building — for example, if you're tearing it down to replace it with a new one. There may be one way to claim some valuable write-offs for [...]
Timing is everything when it comes to accounting software upgrades
BUSINESS BRIEF 01/03/2022 Timing is everything when it comes to accounting software upgrades Timing is everything when it comes to accounting software upgrades “Well, it still works, and everyone knows how to use it, but….” Do these words sound familiar? Many businesses stick with their accounting software far too long for these very reasons. What’s important to find out and consider is everything that comes after the word “but.” Managers and employees often struggle with systems that don’t provide all the functionality they need, such as being able to generate certain types of reports that could help the company better analyze its financials. Older software might constantly freeze up or crash. In some cases, the product may even be so old that support is no longer provided. When it comes to accounting software upgrades, timing is everything. You don’t want to spend money unnecessarily if your system is fully functional and secure. But you also don’t [...]
Does your family business’s succession plan include estate planning strategies?
BUSINESS BRIEF 12/29/2022 Does your family business’s succession plan include estate planning strategies? Does your family business’s succession plan include estate planning strategies? Family-owned businesses face distinctive challenges when it comes to succession planning. For example, it’s important to address the distinction between ownership succession and management succession. When a nonfamily business is sold to a third party, ownership and management succession typically happen simultaneously. However, in the context of a family business, there may be reasons to separate the two. Retaining control From an estate planning perspective, transferring ownership of assets to the younger generation as early as possible allows you to remove future appreciation from your estate, thereby minimizing estate taxes. Proactive estate planning may be especially relevant today, given changes to the federal estate and gift tax regime under the Tax Cuts and Jobs Act. For 2023, the unified federal estate and gift tax exemption will be $12.92 million, or effectively $25.84 million for [...]
December 2022
NEUHAUS CPAS DECEMBER 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US: Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint Medicare Coverage: 2023 Premiums and Key Tax Considerations For some people, one of the advantages of getting older is qualifying for Medicare health insurance coverage. But it's not free. Premiums are deducted from your monthly Social Security payments — and the cost can quickly add up depending on your situation. Here are some important basics you should know about different types of coverage, monthly premiums for 2023 and tax considerations. Full Article The Benefits of Staff Bonuses Keeping your staff members satisfied can reduce turnover and keep patients coming back. And with a lack of [...]
November 2022
NEUHAUS CPAS NOVEMBER 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US: Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint New Law Expands Deduction for Energy-Efficient Commercial Buildings Energy efficiency in commercial buildings has long been rewarded with favorable tax treatment. Some of those tax advantages became permanent last year. Now — included in the recently passed Inflation Reduction Act — is an expansion of the energy-efficient commercial buildings deduction, making it available to more designers and building owners, and raising the amounts. This article explains the basics of the so-called Section 179D deduction. Full Article Owner's Liability for Incidents in Parking Lots To avoid costly litigation, business owners know they must keep their [...]
October 2022
NEUHAUS CPAS OCTOBER 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US: Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint Cash In on Corporate Deductions for Charitable Donations Charitable giving isn't just for individuals. Businesses can donate, too — and reap significant tax savings. Limits on corporate tax deductions for donations were liberalized during the pandemic. But, under current tax law, they've generally returned to pre-pandemic levels for 2022 and beyond. Here's what business owners should know, including information about implementing an employee donation matching program. Full Article Strive to Protect Nursing Home Employees from Patients Violence is rampant at residential care facilities. Employees are assaulted regularly by residents, particularly those who suffer from [...]
September 2022
NEUHAUS CPAS SEPTEMBER 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US: Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint Time to Review Related-Party Loans Loans between family members and other related parties have become increasingly common while interest rates have been near historical lows. But, as interest rates have started to climb, related-party loans could lead to unexpected tax consequences. Here's what borrowers and lenders who participate in these loans should know to help minimize the potential adverse tax effects for both parties. Full Article Tread Carefully When Renting Space Physicians who rent office space to health care suppliers and providers must make sure that the rental amounts reflect fair market value, according to a special fraud alert issued by the Office of Inspector General. Otherwise, physician-landlords could be charged with accepting excessive payments in [...]
August 2022
NEUHAUS CPAS AUGUST 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US: Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint Time to Review Related-Party Loans Loans between family members and other related parties have become increasingly common while interest rates have been near historical lows. But, as interest rates have started to climb, related-party loans could lead to unexpected tax consequences. Here's what borrowers and lenders who participate in these loans should know to help minimize the potential adverse tax effects for both parties. Full Article Tread Carefully When Renting Space Physicians who rent office space to health care suppliers and providers must make sure that the rental amounts reflect fair market value, according to a special fraud alert issued by the Office of Inspector General. Otherwise, physician-landlords could be charged with accepting excessive payments [...]
July 2022
NEUHAUS CPAS JULY 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US: Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint 10 Tax Tips for Volunteers Volunteering for a charity can be a rewarding opportunity to give back to your community. As a bonus, you also may be eligible for some well-deserved tax breaks for your out-of-pocket expenses — if you itemize deductions on your tax return. Here are 10 possible tax breaks for volunteers who do work for qualified charitable organizations. Full Article Rental Tax Issues Can Be More Complex than they Seem If you're a rental property owner, you know it's not unusual to realize losses these days. Can they be deducted on your tax return? It depends on a number of factors. Take a look at one U.S. Tax Court case that illustrates the [...]
June 2022
NEUHAUS CPAS JUNE 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US: Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint Is Cryptocurrency Right for Your Business? While Bitcoin is no longer a shiny new object, cryptocurrencies continue to draw the attention of individuals and business owners seeking ways to harness the popularity of this alternative to traditional financial assets. But business owners are being urged to tread carefully with crypto. Here's why — and how. Full Article Tax-Favored Retirement Plans For Partnerships The type of retirement plans set up and maintained by a medical practice partnership has major implications for the future security of partners and employees. So you want to choose the best option. However, qualified partnership plans have special tax considerations. Here are the details. Full Article Keep a Tight Rein on Branch Operations [...]
