Informative Articles, Notices and Resources
Bradshaw, Gordon & Clinkscales, LLC
Blog
-
4 Tax Challenges You May Encounter if You’re Retiring Soon
4 Tax Challenges You May Encounter if You’re Retiring Soon Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions….
-
Achieving The Right Balance of Working Capital
Achieving The Right Balance of Working Capital Working capital — the funds your company has tied up in accounts receivable, accounts payable and inventory — is a critical performance metric. During times of rising inflation and interest rates, managers search for ways to free up cash and eliminate waste. However, determining the optimal amount of…
-
Questions You May Still Have After Filing Your Tax Return
Questions You May Still Have After Filing Your Tax Return If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answers to three questions that we’re frequently asked at this time…
-
Tax News for Investors and Users of Cryptocurrency
Tax News for Investors and Users of Cryptocurrency If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets. Check the Box Beginning with tax year 2022, taxpayers must check a box on their…
-
The IRS Clarifies What Counts as Qualified Medical Expenses
The IRS Clarifies What Counts as Qualified Medical Expenses If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal income tax purposes. Basic Rules and IRS Clarifications You can claim…
-
Spring Cleaning in QuickBooks
Spring Cleaning in QuickBooks Have your company’s accounting records become cluttered with duplicate items and unused accounts? When you need to revise your QuickBooks® lists — such as the chart of accounts, customers, and vendors — the software provides methods for deleting, inactivating and merging list entries. Here’s what you can do to help spruce…
-
Paperwork You Can Toss After Filing Your Tax Return
Paperwork You Can Toss After Filing Your Tax Return Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a…
-
New-and-Improved Accounting Rules for Common Control Leases
New-and-Improved Accounting Rules for Common Control Leases On March 27, 2023, the Financial Accounting Standards Board (FASB) published narrowly drawn amendments to the lease accounting rules. The updated guidance clarifies issues that are relevant to rental agreements between businesses that have the same owner. Written vs. Verbal Leases Accounting Standards Update (ASU) No. 2023-01, Leases…
-
The Tax Rules for Donating Artwork to Charity
The Tax Rules for Donating Artwork to Charity If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules may come into play in connection with such contributions. Basic Rules Your deduction for a charitable contribution of art is subject to…