November 2021
Featured Article From Our Experts
The Build Back Better Act – Tax Benefits You Need To Know

We have all heard of the tax increases that are part of the Build Back Better Act, however, what has received very little fanfare are the credits and additional tax deductions which are included in the bill as well. With a focus on energy efficiency and climate control, many of the tax incentives are geared toward encouraging the use of alternative energy sources. In this article, I will review the credits you should be aware of that can help mitigate the effects of the tax increases.
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 details how and when taxes may apply. A sidebar discusses how much disability coverage an individual may need.
Four Ways To Withdraw Cash From a Corporation
Owners of closely held corporations often want or need to withdraw cash from the business. The simplest way is to distribute the money as a dividend, but that isn’t tax-efficient. This article suggests several other ways to withdraw cash with generally better tax consequences, such as through capital repayments or compensation.
One-Time Thing: IRA to HSA Transfers
Many people don’t know that you can transfer funds directly from an IRA to a Health Savings Account (HSA) without taxes or penalties. However, a taxpayer may do so only once during his or her lifetime. This article discusses some of the important points to consider when looking into an IRA-to-HSA transfer.
Giving Bad Debts the Business
When one of a company’s customers can’t pay up, the business may be able to claim a tax deduction for the “bad debt” under Internal Revenue Code Section 166. To successfully do so, however, the business owner must know how the tax code defines a partially or wholly worthless bad debt. This brief article provides the definition.
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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 plus 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.

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