Bucheri McCarty & Metz LLP

Higher-income folks may be subject to a couple extra taxes, in addition to federal income tax. Here’s an explanation of the 3.8% net investment income tax and a 0.9% additional Medicare tax.

Are you liable for two additional taxes on your income? - BMM CPAs and Advisors Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax...

Choosing between the cash method of accounting and the accrual method for tax purposes can impact your tax situation. But not all businesses qualify for both methods.

Cash or accrual accounting: What’s best for tax purposes? - BMM CPAs and Advisors Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes.

Certain taxpayers generally must make quarterly estimated tax payments to avoid a penalty. Here are the rules, along with when the next payment is due.

Do you owe estimated taxes? If so, when is the next one due? - BMM CPAs and Advisors Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year.

The tax landscape for businesses may change significantly in the near future. That’s because provisions in the Tax Cuts and Jobs Act are scheduled to expire and the November elections will be decided. Here are some possible outcomes.

The possible tax landscape for businesses in the future - BMM CPAs and Advisors The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States.

The federal estate tax exemption is currently $13.61 million, so you may want to think more about saving income taxes for your heirs (rather than worrying about estate taxes).

Planning your estate? Don’t overlook income taxes - BMM CPAs and Advisors The current estate tax exemption amount has led many people to feel they no longer need to be concerned about federal estate tax.

Here’s a strategy for older taxpayers who are charitably minded and also must take required minimum distributions from their traditional IRAs.

Charitable donations to avoid taxable IRA withdrawals - BMM CPAs and Advisors If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may...

What’s on the tax horizon as many Tax Cuts and Jobs Act provisions get closer to their scheduled expiration date? Here are four possible scenarios.

What might be ahead as many tax provisions are scheduled to expire? - BMM CPAs and Advisors Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections.

Summer is here and tax deadlines are probably the last thing on your mind. But there are some important third-quarter deadlines that businesses can’t afford to forget about.

2024 Q3 tax calendar: Key deadlines for businesses - BMM CPAs and Advisors Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024.

Hiring your child at your business this summer? It can be a tax-smart idea. Here are the benefits.

Hiring your child to work at your business this summer - BMM CPAs and Advisors With school out, you might be hiring your child to work at your company. You and your child could reap some tax advantages.

Investing in mutual funds is popular, but selling shares may result in complicated tax matters. Here are the rules.

INDIVIDUAL TAX BRIEF FOR JUNE 11 - BMM CPAs and Advisors The Tax Consequences of Selling Mutual Funds Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According to the Investment Company Institute, 116 million individual U.S. investors owned mutual funds in 2023. But despite their ...

When buying a business, you may not focus on taxes. But the way the transaction is structured can lead to better or worse tax results after the acquisition.

Tax tips when buying the assets of a business - BMM CPAs and Advisors After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024.

If you donate valuable assets to charity and don’t follow certain requirements, the charitable tax deduction may be denied. Here are some answers to questions about how to protect your deductions.

When do valuable gifts to charity require an appraisal? - BMM CPAs and Advisors If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal.

There are a number of different hobbies that some taxpayers turn into businesses. Here’s how they can protect tax breaks on their tax returns.

Pay attention to the tax rules if you turn a hobby into a business - BMM CPAs and Advisors Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business.

CONGRATULATIONS to BMM's IU Kokomo graduates! We are proud of you all!

Alexander Leicht, Grace Russell and Malarye Crowley

Once your 2023 tax return has been filed, you can breathe a sigh of relief. But there still may be some tax issues to consider. Here are three of them.

Keep These 3 Issues in Mind After You File Your Return - BMM CPAs and Advisors Once your 2023 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind.

The SECURE 2.0 law includes good news about required minimum distributions from tax-favored retirement accounts. But an earlier law contained some bad news for certain beneficiaries of inherited retirement accounts. Here are the rules.

Update on Retirement Account Required Minimum Distributions - BMM CPAs and Advisors If you have a tax-favored retirement account you’ll become exposed to the federal income tax required minimum distribution (RMD) rules...

Spring is here, along with a bunch of tax-related deadlines. Here are some upcoming dates for the second quarter of 2024 that businesses and employers should keep in mind.

2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers - BMM CPAs and Advisors Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024.

There’s more than one way for businesses to claim depreciation tax deductions. By combining them, you can get optimal tax-saving results.

Coordinating Sec. 179 Tax Deductions With Bonus Depreciation - BMM CPAs and Advisors Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks...

Many people who own vacation homes rent them out to earn extra income. Even better, renting them out may provide tax breaks. Here are the rules.

How Renting Out a Vacation Property Will Affect Your Taxes - BMM CPAs and Advisors Whether you dream of buying a vacation home or already own one, you may wonder about the tax implications of renting it out...

Many businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take? Here are the rules.

What’s the Best Accounting Method Route for Business Tax Purposes? - BMM CPAs and Advisors Businesses basically have two accounting methods to figure their taxable income: cash and accrual.

It’s not unusual for parents to end up with unused funds in their children’s 529 college savings plans. There’s a new option that allows them to transfer unused funds in a 529 plan to a Roth IRA. Read our blog for details.

New Option for Unused Funds in a 529 College Savings Plan - BMM CPAs and Advisors Beginning in 2024, you can transfer unused funds in a 529 plan to a Roth IRA for the same beneficiary, without tax or penalties.

Before you know it, 2024 will be here. But until then, there may still be time to reduce your 2023 federal tax liability by taking these steps.
https://bmmcpas.com/article.php?slug=4-ideas-that-may-help-reduce-your-2023-tax-bill

We had a great time wrapping presents for the Howard County Christmas Gift Lift! We are blessed to be able to participate in such a wonderful program!

Our staff had a great time this afternoon decorating our offices for Christmas! Have a happy Thanksgiving from all of us at BMM!

If you need cash, you may want to tap your traditional IRA. But if you’re not yet 59½, you may have to pay a penalty tax if you do. Here are 11 exceptions to the penalty.
https://bmmcpas.com/article.php?slug=11-exceptions-to-the-10-penalty-tax-on-early-ira-withdrawals

Perhaps you receive executive compensation in the form of restricted stock awards. Here’s how these awards work, how they’re restricted and an explanation of the tax ramifications.

Read more here: https://bmmcpas.com/article.php?slug=what-you-need-to-know-about-restricted-stock-awards-and-taxes

The leaves are beginning to turn in some areas so it’s time for businesses to start thinking about year-end tax strategies. It’s also a good time to think about the fourth quarter 2023 tax filing deadlines.

Read more here: https://www.bmmcpas.com/article.php?slug=2023-q4-tax-calendar-key-deadlines-for-businesses-and-other-employers

Buying or selling a business? It may be the most important transaction you ever make. So it’s important to seek professional tax advice as you negotiate. Don’t wait until a deal is done!

Read more here: https://www.bmmcpas.com/article.php?slug=it-s-important-to-understand-how-taxes-factor-into-m-a-transactions

Inflation has some beneficial side effects. One is that the amount of depreciation tax breaks your business can claim has increased for 2023. Here are the rules.

Read more here: https://www.bmmcpas.com/article.php?slug=update-on-depreciating-business-assets

When planning your estate or inheriting assets, it’s essential to understand the “step-up” basis rules. They can affect the taxes due on the sale of the assets.

Read more here: https://www.bmmcpas.com/article.php?slug=inheriting-stock-or-other-assets-you-ll-receive-a-favorable-stepped-up-basis