News & Information Relevant to Your Financial Success
Contained on this page of our website, you will find news briefs relevant to the financial industry. This area is updated frequently, as we continue to provide our clients and visitors the most current information available.
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Latest Articles and News from Lesemann CPA
Tax Planning for Income
You don't want to pay more in federal income tax than you have to. With that in mind, here are five things to consider when it comes to keeping more of your income. 1. Postpone your income to minimize your current income tax liability By deferring (postponing) income...
Inflation Reduction Act: What You Should Know
The Inflation Reduction Act, signed into law on August 16, 2022, includes health-care and energy-related provisions, a new corporate alternative minimum tax, and an excise tax on certain corporate stock buybacks. Additional funding is also provided to the IRS. Some...
Key Employee Life and Disability Insurance
You've got a great group working for you now, and business is good. You know that much of that success is due to one or two key people with both skills and personalities that are hard to match. Suppose they were injured and out of work for a while, or suppose they...
Gift and Estate Taxes
If you give away money or property during your life, those transfers may be subject to federal gift and estate tax and perhaps state gift tax. The money and property you own when you die (i.e., your estate) may also be subject to federal gift and estate tax and some...
Record Keeping for Your Own Business
Keeping good business records will not only help you stay in business but may also help you increase profits. Your business records let you analyze where your business is and where it's going. They point out potential trouble spots and serve as a guide to where you...
Correcting Errors on Your Credit Report
For whatever reasons, errors can and do appear on credit reports. Most frequently, errors are due to honest mistakes or misidentification. Nevertheless, you have a right to dispute errors or misleading information contained in your credit bureau files. Your rights...
Choosing an Entity for Your Business
Now that you've decided to start a new business or buy an existing one, you need to consider the form of business entity that's right for you. Basically, three separate categories of entities exist: partnerships, corporations, and limited liability companies. Each...
Can I deduct home office expenses?
If you use part of your home to conduct your trade or business, you might be able to deduct certain related expenses. To qualify for the home office deduction, you must pass certain tests. You must use part of your home regularly and exclusively for your trade or...
Federal Tax Filing Season Has Started
The IRS announced that the starting date for when it would accept and process 2021 tax-year returns was Monday, January 24, 2022. Tips for making filing easier To speed refunds and help with tax filing, the IRS suggests the following: Make sure you have received Form...
Income Tax Tips: Business Insurance
Insurance serves many purposes for a business. You'll need insurance to protect your business from property damage, personal injury suits, and other forms of financial loss. In addition, you may want to provide your employees with certain types of insurance (e.g.,...
