10 common mistakes to avoid in estate planning

Sometimes people attempt to make an estate planwithout consulting legal and financial professionals. Mostly this is because they may have a general understanding of estate planning and believe they can do it themselves without paying for professional services. This may be valid to a point, but it often fails because of the detailed knowledge it requires …
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Tax implications of selling mutual funds

If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million households owned mutual funds in mid-2020. But despite their popularity, the tax rules involved in selling mutual fund shares can be complex. What are the …
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Tax rules of renting out your vacation property

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year. The tax treatment depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by your relatives …
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C-suite fraud: Prevention & detection

Executives often receive lucrative compensation packages. But for some, it isn’t enough and they engage in illegal activities to line their own pockets. The Association of Certified Fraud Examiners (ACFE) has found that owners and executives commit 20 percent of occupational fraud. However, they’re responsible for the largest median loss of $600,000. (In comparison, rank-and-file employees …
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Take 5: What every CPA should tell his or her clients

By Jim Rice Having been a CPA for more than 40 years, I have had the opportunity to work with many different clients in numerous situations. While no two are alike, I want to share a few thoughts that I believe are important and applicable to anyone working with a CPA: 1. You truly get …
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Higher limits in 2022 make gifting slightly easier

By Bennett Allison, CPA and Gabriela Mandiuc, CPA The annual gift tax exclusion was increased on January 1, 2022 from $15,000 to $16,000.  The IRS officially announced the increase in Revenue Procedure 2021-45. While the increase is relatively minor and only reflects annual inflation adjustments, it reminds us what a powerful tool the gift and …
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Don’t miss out on bonus depreciation before it’s too late

By Gabriela Mandiuc, CPA and Bennett Allison, CPA Maximizing deductions is an essential part of income tax planning. In recent years, 100 percent bonus depreciation has proved to be one of the most effective ways to generate serious deductions through the purchase of fixed assets. Here are a few details related to this valuable deduction: …
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Car-buying tips for a tight market

The limited supply of new and used vehicles, along with other economic factors, has driven up prices in the auto market. The average price of new cars increased by 13 percent for the year ending November 30, 2021, according to auto industry survey sources. Kelley Blue Book reports that the biggest jumps in new car prices were seen …
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Jeff Jackson, CPA, named Managing Shareholder

The San Antonio Business Journal writes about our new Managing Shareholder, Jeff Jackson, the continuing role of Jeff Albrecht, our firm’s bright future, and our newest shareholder, Joel Griffith. “What we want to do is have challenging and fairly complex work to keep the employees challenged, to keep ourselves challenged,” Jackson said. “The laws are challenging in and of …
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