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We share the latest developments in
the accounting industry & our business.


Understanding Filing Statuses for Taxes

Filing status is something that determines the tax return forms a taxpayer must use when filing their taxes and is tied to the taxpayer’s marital status. Filing status is determined
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Understanding the Kiddie Tax: Tax Treatment Based on Income Thresholds

The kiddie tax is a US tax provision passed to discourage parents from giving their children unearned income to avoid paying higher tax rates. The Kiddie Tax’s age range and
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What is a K-1 Tax Form and Who Is It For?

What is a K-1 Tax Form? A K-1 is used to report a beneficiary’s, partner’s, or shareholder’s share of income, credits, deductions, and more on your personal Income Tax Return.
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Changes to Research and Development (R&D) Expense Tax Treatment

Research and development (R&D) is a very important part of the current US and international business climate, and certain tax incentives associated with these expenses are crucial to give innovators
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A Comprehensive Guide to Vehicle Expense Deductions for Business Owners and Self-Employed Individuals

It’s critical for business owners and independent contractors to comprehend the tax benefits associated with automobile expenses. Individuals or businesses that use their automobile for business purposes can deduct it
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Understanding Gift and Estate Taxes

Gift and estate taxes are federal taxes imposed on the transfer of wealth from one individual to another, either during life or at death, based on the unified transfer tax.
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Effective vs. Marginal Tax Rates – Tax Brackets Explained

Understanding marginal and effective tax rates can help taxpayers quickly clarify how much they owe the IRS based on their tax bracket and annual income. The US uses a progressive,
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Tax Tips for Realtors and Real Estate Investors

Lear & Pannepacker partner and real estate tax expert Dennis Kilfeather recently sat down with Greg Wareham of the Your Mortgage Process podcast to provide guidance on tax preparation for
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Impacts of the 2023 Bonus Depreciation Phase Out

When purchasing equipment, business owners are generally expected to spread the tax deduction over the life of the asset – called “depreciation.” Typically you cannot write off the entire purchase
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Secure Act 2.0: What You Need To Know

Going into 2023, President Biden enacted a new law called the SECURE Act 2.0 that    makes changes to retirement savings accounts and employee benefit plans. This law goes into
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