Posts by Jody H. Chesnov CPA
Cash Flow vs. Taxable Income: What’s the Difference?
Failing to understand the difference between cash flow and taxable income can significantly impact your financial planning and decision-making.
So, in this blog post, we’ll delve into more detail that will help you confidently navigate the nuances of this distinction.
Read MoreUnclaimed Property Risk: What Should Companies Know?
Noncompliance comes with substantial financial and reputational exposures, and, to make matters worse, UP compliance has been overlooked in the past. What’s more, every state has its own complex set of laws. That means even your accountant may be in slightly unfamiliar territory!
But you don’t need an accountant to add this one up: it’s time to get caught up on what your company needs to know about unclaimed property risk.
Read MoreRenewable Energy Incentives and the Inflation Reduction Act: What Taxpayers Need to Know
With the proper knowledge, taxpayers can take full advantage of the potential benefits of the Inflation Reduction Act.
In this post, we’ll dig deeper into the renewable energy incentives provided by the IRA and explore opportunities that could help you save money and make well-informed decisions at tax time.
Read MoreTax Planning for LGBTQIA+ Individuals: 7 Key Considerations
Tax planning can be daunting for anyone, but for LGBTQIA+ individuals, there can be unique challenges and considerations to navigate.
That’s why it’s crucial for LGBTQIA+ individuals to have a solid understanding of tax planning considerations that specifically impact them.
Read MoreWhat Does New York State’s New $30M Matching Fund Mean for Startups
GET IN TOUCH GET IN TOUCH Whether you are a startup founder or an investor looking to support the next market-changing idea, securing the funds to grow and innovate is one of the earliest challenges any new company will confront. However, traditional sources of funding, such as venture capital and angel investment, can be challenging…
Read MoreAccounting Method Changes Post-TCJA: What Taxpayers and Businesses Must Know
GET IN TOUCH GET IN TOUCH Since the 2017 passage of the Tax Cuts and Jobs Act (TCJA), the U.S. tax code has seen dramatic changes impacting taxpayers and businesses. Likewise, the TCJA has implemented plenty of procedural and regulatory changes, which have led to complex alterations in accounting methods that can be challenging to…
Read MoreWhat Is the Standard Deduction in 2023? Your Updated Tax Brackets Guide
GET IN TOUCH GET IN TOUCH With the filing season for the 2022 tax year officially underway, many Americans are already looking ahead to tax planning for the 2023 tax year. After a year in which the most extreme inflation in decades drove prices sky-high for expenses like rent, gas, and groceries, the IRS’ annual…
Read MoreIRS Audits: What Taxpayers Need to Know in 2023
GET IN TOUCH GET IN TOUCH All eyes are on the IRS this year, with interim Commissioner Douglas O’Donnell (Charles Rettig’s term ended in November of 2022) assuming leadership of a long cash-strapped agency now flush with billions of dollars of new funding and eager to crack down on tax evaders. As the IRS kicks…
Read MoreRental Income and Expenses: Essential Tips for Landlords
GET IN TOUCH GET IN TOUCH Understanding the tax implications of rental income is essential to being successful as a landlord. Whether you own a single rental unit or a portfolio of properties, you must know how to properly report your rental income and expenses to the IRS to maximize your tax savings and ensure…
Read MoreSmart Record-Keeping: The Taxpayer’s Essential Guide
GET IN TOUCH GET IN TOUCH For many taxpayers, the word “audit” alone triggers anxiety and stress. In fact, as this survey reveals, 47% of Americans feel anxious when they receive any correspondence from the IRS, with nearly a third worrying they will be audited despite feeling very confident that their tax returns are error-free.…
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