Author name: Cecilia Gulizia

Understanding Tax Breaks for Family Caregivers: Credits, Deductions and More

Medical Expense Deductions For dependents with medical expenses that have not been reimbursed by an insurance plan, deductions may be available. Specifically, medical expense deductions are available for qualifying medical expenses that exceed 7.5% of a caregiver’s adjusted gross income (AGI). Generally, this deduction is most useful for those who have accumulated significant medical expenses […]

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Tried-and-True Strategies to Minimize Tax Burdens as a Food and Beverage Business Owner

Explore the FICA Tip Credit There are so many tax credits that are available to food and beverage businesses of all sizes, so it’s a good idea to start there. After all, tax credits don’t just reduce tax liability, they can actually result in money back after returns are filed. One popular credit to explore

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What to Know About Valuations and Discounts in Estate and Gift Tax Planning

The Importance of Planning for Estate and Gift Taxes First, consider the importance of preparing for estate and gift taxes when drafting an estate plan in the first place. If not planned for correctly, estate and gift taxes can add up quickly. This, in turn, could result in the erosion of generations of wealth or

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What Business Owners Should Know About the R&D Payroll Tax Credit in 2024

What is the Research and Development Credit Specifically, the Research and Development tax credit is a federal credit that is available to businesses that have invested funds into innovation, research, development and experimentation. This credit is beneficial to businesses that qualify because not only does it offer a dollar-for-dollar reduction in tax liability, but it

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What Nonprofits Should Know About Functional Expense Reporting

What is Functional Expense Reporting Businesses typically categorize expenses based on the nature of those expenses. A “natural” expense reporting system might group expenses into categories like rent, utilities, payroll, marketing and depreciation. A functional expense reporting system categorizes expenses by their purpose or function rather than their nature. This system of categorization enables nonprofit

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