2023 General Tax Strategies for Individuals & Businesses

Contribute to a Retirement Plan to Save Taxes You or your spouse must have earned income in order to contribute to a retirement plan. Taxpayers with modified AGI below certain thresholds are permitted to contribute up to $6,500 to a Roth IRA for 2023, which will increase to $7,000 for 2024. (Taxpayers aged 50 or … Continued

The Consolidated Appropriations Act of 2021

The Consolidated Appropriations Act of 2021 (“CAA”) both enhanced and expanded the ability for taxpayers to receive the Employee Retention Credit (ERC) in 2021. As a result of the changes, we are providing this message to summarize what the credit is, whether you may be a qualified business for purposes of taking the credit, and … Continued

Annuity Option for Pension Plan Payouts

The following is a summary of an important tax development that has occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize … Continued

Simplified Per-diem Increase for Business Travel

The following is a summary of an important tax development that has occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize … Continued

60-day Rollover Deadline

The following is a summary of an important tax development that has occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize … Continued

Residence Interest Limits Separate for Unmarried Co-Owners

The following is a summary of an important tax development that has occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize … Continued

Research Credit for Internal Use Software

The following is a summary of an important tax development that has occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize … Continued

Tax Cuts and Job Act (TCJA): Impact on IC-DISC Effectiveness

Tax Cuts and Job Act (TCJA): Impact on IC-DISC Effectiveness Let’s explore the use and effectiveness of the Interest-Charge Domestic International Sales Corporation (IC-DISC) in the new tax environment. For those new to an IC-DISC, the IC-DISC converts what would normally be ordinary business income into qualified dividends, thus generating a tax savings due to … Continued

Last Minute Plan to Reduce Estate Taxes

In April, my mom was diagnosed with Stage 4 cancer and told she might not be alive to celebrate the Christmas Holidays. My sister took over the medical advocacy role and I became the financial point person.  It gave us a place to focus our attention in this time of grief. I want to share … Continued

New beginnings for HKP partner Don Kurth

He is set to retire in October after 42 years with the firm. It’s been a while in coming, according to Don Kurth, owner and partner of HAGEN, KURTH, PERMAN & Co., P.S. (HKP), when talking about his upcoming retirement after 42 years with the firm. The path to becoming an accountant had a few … Continued

/ trusted / skilled / committed /