Don’t overlook taxes when contemplating a move to another state
When you retire, you may want to move to another state, perhaps because the weather is more temperate or because you want to be closer to family members. Don’t forget to factor state and local taxes into the equation. You should also consider property and sales taxes, as well as any state estate taxes. We can answer any questions and file required tax returns. Contact the CPA's and business tax advisors at SEK for your tax questions, tax updates and more tax tips.
The standard business mileage rate will be going up slightly in 2024
The optional standard mileage rate used to calculate the deductible cost of operating a vehicle for business will be going up slightly in 2024, by 1.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67 cents. The standard rate is useful if you don’t want to keep track of actual vehicle-related expenses. But you still must record certain information, such as the mileage, dates and destinations of trips. Contact the CPA's and business tax advisors at SEK for more financial advice, tax tips and tax updates.
Court awards and out-of-court settlements may (or may not) be taxed
Monetary awards and settlements are paid for many reasons. By law, individuals can exclude from gross income damages that are received on account of personal physical injury or physical sickness. Contact the CPA's and business tax advisors at SEK for tax tips, financial guidance and more questions!
Nonprofits: Using the personal touch for last-minute fundraising
As 2023 hurtles toward Dec. 31, your not-for-profit probably is fully engrossed in last-minute fundraising. One of the most effective year-end strategies is to have board members reach out to family, friends and professional contacts. Board members should “humanize” their request with personal stories illustrating why they support your nonprofit’s mission. Contact the CPA's and business tax advisors at SEK with questions about fundraising and other tax tips.
2024 Q1 tax calendar: Key deadlines for businesses and other employers
Here are a few key tax-related deadlines for businesses during the first quarter of 2024. Contact the CPA's and financial advisors at SEK to learn more about filing requirements and ensure you’re meeting all applicable deadlines.
What is your external auditor’s responsibility for cybersecurity?
The average cost of a data breach has grown 15% to $4.45 million over the last three years, according to a 2023 survey by the Ponemon Institute, a research organization. Financial statement audits can help company management identify IT risks. But an auditor’s responsibilities don’t include an evaluation of cybersecurity risks across a company’s entire IT platform. Business owners and managers need to understand the scope of the external auditor’s responsibilities and develop a cybersecurity program that mitigates the risks. Contact the CPA's and business tax advisors at SEK for more questions on data breaches, business audits and more tax tips.
2024 Rates & Dates
The IRS recently released the 2024 rates and dates, which includes the following:
Where should you keep your estate planning documents?
You’ve likely put a great deal of time, effort and expense into implementing an estate plan that meets your goals. But unless your loved ones know that these documents exist, and how to find and access them, your well-laid plans can be derailed. Contact the CPA's and business tax advisors at SEK with your questions about estate planning, tax planning and other tax tips.
2024 Payroll Tax Bulletin
The IRS recently released the 2024 payroll tax rates, which we have summarized in a bulletin that contains the following:
Nonprofits: Consider these 2 issues before searching for new staffers
Despite many predictions to the contrary, U.S. employers have continued to add workers to their payrolls and the unemployment rate has remained low. Is your nonprofit among the employers that need new staffers? To make the right decision, conduct a human resources assessment. Our CPA's and business tax advisors can help your nonprofit by reviewing your finances and suggesting ways to free up cash. Contact us today for all more tax tips and financial advice.