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REGULATION | 10/01/2024 Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Agreement basics There are two basic types of buy-sell agreements: Cross-purchase agreements and redemption agreements (sometimes …
TAX PLANNING | 09/25/2024 Mergers and acquisitions are on the rise in 2024 after a slower 2023. If you’re planning to buy a business, structuring the purchase correctly can lead to significant tax advantages. There are two primary ways to structure a purchase: This article focuses on the tax considerations when purchasing business assets. The …
Real Estate | 09/23/2024 An efficient year-end budgeting process is crucial for property managers aiming to ensure a seamless transition into the new financial year while setting the foundation for achieving financial goals. At Chartered Consulting, CPA Firm, we understand the importance of strategic planning and offer practical insights to help you navigate this critical …
INDIVIDUAL TAX | 09/07/2024 Dealing with unexpected tax bills can be overwhelming, especially if the liability stems from your spouse’s or ex-spouse’s errors. The IRS’s joint and several liability rules hold each spouse jointly responsible for the full tax liability on a couple’s combined income when filing a joint tax return. This means the IRS …
INDIVIDUAL TAX | 09/02/2024 Series EE savings bonds have been a popular choice for Americans looking to save for college or support national initiatives. Initially issued in 1980 to replace Series E bonds, they were branded as “Patriot Bonds” from 2001 to 2011 to symbolize support for the nation’s anti-terrorism efforts. If you own Series …
TAX PLANNING | 08/29/2024 If you’re required to take required minimum distributions (RMDs) from a traditional IRA and also have charitable giving goals, a qualified charitable distribution (QCD) can be a powerful tax-saving strategy. By leveraging this approach, you can fulfill your philanthropic intentions while reducing your taxable income and potentially qualifying for additional tax …
INDIVIDUAL TAX | 08/25/2024 During the COVID-19 pandemic, many people transitioned to working from home, a trend that continues today with many still operating from their home offices either full-time or on a hybrid basis. If you’re self-employed and manage your business from home, or handle specific tasks there, you might be eligible to claim …
TAX PLANNING | 08/24/2024 A 529 plan is a powerful, tax-advantaged savings tool designed to help families save for education expenses. Whether for college or eligible K-12 expenses, these plans offer potential tax-free earnings and other significant benefits when used strategically. Starting in 2024, unused 529 funds can even be rolled into a Roth IRA …
ACCOUNTING | 08/16/2024 The ever-evolving business landscape, paired with increasingly complex financial accounting standards, has left many organizations facing a critical challenge: maintaining an agile staff capable of meeting dynamic business needs as they arise. This challenge is particularly pronounced in accounting and finance functions. Organizations need strong departments to produce timely, accurate, and relevant …
INDIVIDUAL TAX | 08/15/2024 Estimated tax payments ensure individuals who don’t have sufficient federal taxes withheld throughout the year contribute their fair share. These payments apply if your income comes from sources such as interest, dividends, self-employment, capital gains, pensions, or other non-withheld income. If you need to make estimated tax payments, understanding the rules …