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Archives for August 2021

You can only claim a casualty loss tax deduction in certain situations

August 31, 2021 by Apel Associates

You can only claim a casualty loss tax deduction in certain situations

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there […]

Filed Under: Blog Tagged With: casualty, casualty loss tax deduction, Tax Cuts and Jobs Act, TCJA

Want to find out what IRS auditors know about your business industry?

August 30, 2021 by Apel Associates

Want to find out what IRS auditors know about your business industry?

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can use […]

Filed Under: Blog Tagged With: ATG, Audit, Audit Techniques Guides, business audit

A tenancy-in-common interest can ease distribution of real estate

August 26, 2021 by Apel Associates

A tenancy-in-common interest can ease distribution of real estate

If your estate includes significant real estate investments, the manner in which you own these assets can have a dramatic effect on your estate plan. One versatile estate planning option to consider is tenancy-in-common (TIC) ownership. What is tenancy-in-common? A TIC interest is an undivided fractional interest in property. Rather than splitting the property into […]

Filed Under: Blog Tagged With: estate plan, real estate investments, tenancy-in-common, TIC

5 Topics Every Business Owner Should Discuss with An Accountant

August 25, 2021 by admin

5 Topics Every Business Owner Should Discuss with An Accountant

Your accountant or CPA is a business asset that you should put to good use year-round, not just at tax time. There are several topics beyond taxes that business owners should discuss with their trusted financial professionals. In this article, we cover five of them for you. While the new year is traditionally when business […]

Filed Under: Best Business Practices

Expanding succession planning beyond ownership

August 25, 2021 by Apel Associates

Expanding succession planning beyond ownership

Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of an ownership change, a solid succession plan can help prevent conflicts and preserve the legacy you’ve spent years or decades building. But if you want to take your succession plan to the next level, consider […]

Filed Under: Blog Tagged With: business ownership, business succession, succession plans

Does your employer provide life insurance? Here are the tax consequences

August 24, 2021 by Apel Associates

Does your employer provide life insurance? Here are the tax consequences

Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be undesirable income tax implications. Tax on income you don’t receive The first $50,000 of group term life insurance coverage that your employer provides is excluded […]

Filed Under: Blog Tagged With: Employer life insurance, Life Insurance, life insurance tax consequences

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