FEATURED ARTICLES & TAX TIP BLOG
Welcome to the KM&M CPAs Featured Articles & Tips Blog. Here we share tax and accounting news and tips for our clients on a regular basis. Please feel free to suggest ideas for topics you would like to see addressed, by dropping an email to kmm@kmmcpas.com. Enjoy the articles and subscribe to our newsletter for periodic email updates.
Boost your tax strategy with asset purchases
From Forbes.com — By Vlad Rusz — When you have a profitable year, you might be looking at ways to decrease your taxable income, and thus your taxes. There are many ways to achieve this, and many business owners come across advice to “just buy some assets,” especially...
Moore: A wealth-tax watershed moment for Supreme Court
From the Wall Street Journal by its Editorial Board — June 27, 2023 — The Justices will hear Moore v. U.S., which asks if ‘income’ under the law can be an unrealized gain. The Supreme Court is set to finish another consequential term this week, and on Monday the...
FTC creates tools for cyber-attack security
From Kleshinski, Morris & Morrison CPAs and the FTC — The Federal Trade Commission has developed a series of guides and publications to help business owners protect their organizations from cyber attacks and hacking. The FTC’s Cybersecurity Resources were...
House committee proposes standard deduction increase
From Accounting Today — By Michael Cohn — Republicans on the House Ways and Means Committee advanced a series of bills Tuesday, June 13, aimed at reducing taxes but also rolling back parts of the Inflation Reduction Act passed by the Democrats last year. One of the...
Here are tax-savvy ways to donate money
From CNBC — By Kate Dore CFP — LAS VEGAS — Tax savings aren’t typically the main reason for philanthropy. But if you’re planning to donate money, certain charitable giving strategies provide a bigger tax benefit. Since the Tax Cuts and Jobs Act of 2017, there’s been...
‘Three-year window’ planning can save big on taxes
From Retirement Daily on the Street — By Joe DiSalvo & Marie Madarasz — If we were to take a poll asking, “Who has an issue with the amount of taxes we pay?” we’re sure many hands would go up. However, if we had a time machine and were to travel back several...
Imposter scams: How to spot attempted theft of your information
From USA.gov — Imposter scammers pretend to be from the IRS or Social Security, a business, or a charity. They want you to trust them so they can steal your personal information and money. Types of imposter scams An imposter scammer may call, text, or email to...
Health Savings Account deduction limits get another big bump
From Accounting Today — By Jeff Stimpson — Inflation-adjusted amounts for health savings accounts are headed up — and up — again. In Revenue Procedure 2023-23, the Internal Revenue Service said for calendar year 2024, the annual limitation on deductions for an...
Tax refunds were lower this year without pandemic credits
From Investopia.com — By Terry Lane — Tax refunds were lower this year, and while the expiration of pandemic credits may be primarily to blame, tax experts say Americans should count on smaller refunds and more balances owed in coming years. The average tax refund...