Year-End Tax Planning Strategies for Your Business

As the end of the year approaches, it's essential to evaluate your business's taxable income and determine ways to reduce your tax bill for 2023. By starting the process early, you will have more time to ensure everything is in place by year-end. In the article, I will provide four tax planning strategies you should consider when planning.

Is Disability Income Taxable?

Many Americans receive disability income, and the question is often asked: Is it taxable? The short answer is: That depends on who paid for it. This article provides a detailed explanation of how and when taxes may apply to disability income. Additionally, we included a sidebar that discusses how much disability coverage an individual may need.

How To Secure a Business Bad Debt Deduction

Are you struggling to collect payments from clients or vendors? Even after years since the onset of the pandemic, some companies are still experiencing the impact on business activity. However, you can find some solace in the fact that you can claim a bad debt deduction on your tax return. But be cautious. A company must be able to show that the debt in question is worthless. The article explains the ins and outs of claiming a business bad debt for 2023.

One-Time Thing: IRA to HSA Transfers

Taxpayers with IRAs and Health Savings Accounts (HSAs) can transfer funds directly from their IRAs to their HSAs under certain conditions. This is a once-in-a-lifetime transfer, without penalties or taxes, intended to help taxpayers who are hit with high medical bills that exceed the balance in their HSAs. This brief article will talk about the considerations for making such a transfer.

Follow IRS Rules to Nail Down a Charitable Tax Deduction

For charitable donations of cash and property to be deductible, they must meet specific IRS criteria. This article discusses some of the basic rules and explains how to determine if the charity is a qualified charitable organization.

Join us for our Annual Nonprofit Conference. This conference is designed to provide valuable insights into the financial and operational challenges the nonprofit industry faces. It aims to help you manage your organization or serve on a board more effectively. The conference will be held virtually, and CPE credit will be offered.

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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Throughout this forty-five years history, we have been wholly dedicated to the success of our clients. Every aspect of our business has been guided by our values and our commitment to putting each client's interests first. In a complex profession, we have found our greatest rewards in the simplicity of helping good people prosper. Delivering confidence in every financial decision is our goal for our clients, and it's also the most significant way we can contribute to their long-term success.

OFFICE LOCATIONS:

DM Financial Plaza, 221 South Warren Street, Syracuse, NY 13202

213 North Street #1, Auburn, NY 13021

200 Harborside Drive, Suite 201, Schenectady, NY 12305

220 Stage Road, Vestal, NY 13850

To learn more about Dannible & McKee, visit us at: www.dmcpas.com.