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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Deductible mileage rate for business driving increases for 2022

The IRS has announced the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Background: If you use a vehicle for business driving, you can generally deduct the actual expenses attributable to your business use. This includes expenses such as gas, oil, tires, insurance, …
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New crypto reporting requirements are coming

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage …
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How to get the best loan terms for your business

Business activity ground to a halt in many areas during the pandemic. Fortunately, the Paycheck Protection Plan (PPP) program and other relief programs rescued many small enterprises from financial crisis. If certain requirements are met, all or part of PPP loan proceeds may be forgivable — similar to a grant from the federal government. The PPP …
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Estate fraud: Red flags and prevention

As more people are reaching retirement age and living longer, protecting one’s finances against unexpected expenses and the possibility of needing long-term care are important parts of any retirement and estate plan. However, one thing most people may not realize is that in today’s digital world, people should also protect themselves against the possibility that …
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Estate planning: Joint ownership pros & cons

Estate planners often tout the virtues of owning property jointly — and with good reason. Joint ownership generally offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate planning concern. You must also be aware of all the implications. Title Wording Matters Joint ownership requires interests in property …
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