Carson Valley Accounting

It's gone up again...here are the new numbers for 2024.

Video Tips: Check Out the Standard Mileage Rates for 2024 The IRS has announced the new standard mileage rates to be used for automobile tax deductions in 2024.

As a long time Nevadan and occasional sports bettor, the availability of on line betting has changed my world and if you watch televised sporting events, it's certainly added a whole new genre to commercials. Regardless, what happens in other jurisdictions eventually influences the Silver State, so here's an update...and oh, Happy New Year and stay away from Home underdogs.

Rolling the Dice: Unraveling Proposed Sports Betting Tax Cuts & Legislation A surprising new Ohio Senate bill could profoundly impact sports betting taxes around the nation. Learn more.

Video Tips: Business Owners, Remember to File Your 1099s If you pay workers other than employees $600 or more for the year, remember to issue a Form 1099-NEC after the end of year.

Can't imagine anyone is upset about this delay...

1099-K Reporting Threshold Last Minute Change Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service has announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023.

'Tis the season...and if you are fortunate enough to be able to make significant monetary gifts, there are rules to know. This article lists them, but all cases are different, so to make sure you are handling things to your greatest benefit give us a call to review your plans.

What You Need to Know about Gift & Estate Taxation Gift and estate taxes are both part of the federal transfer tax system and are interconnected.

Financial security is about the long haul. Here are some tactics to keep your plans on track.

Smart Strategies for Building and Expanding Your Nest Egg Discover expert-backed savings hacks that empower you to build and expand your nest egg. From automated contributions to tax-savvy investments, unlock the keys to financial security.

If you are one of the procrastinators, here's a starter to get caught up. As always, if you need assistance, we can provide it.

Navigating the Legacy: A Comprehensive Guide to Estate Planning for Baby Boomers Discover the critical steps to safeguard your family's financial future. Learn how to address common challenges, from unpaid debts to tax issues, and create a comprehensive estate plan for lasting peace of mind.

The latest study on the good, bad and ugly of state business tax climates is just out and Nevada holds near the top at #7 (low numbers are good)...it is worth a few moments to look over the methodology and where our neighbors rank before congratulating yourself on a good choice of location for your biz.

2024 State Business Tax Climate Index In recognition of the fact that there are better and worse ways to raise revenue, our Index focuses on how state tax revenue is raised, not how much. The rankings, therefore, reflect how well states structure their tax systems.

The media has been all over the place on IRS funding and who should be concerned about what the agency is up to. This article outlines which taxpayers (or more importantly, non-tax payers) are going to receive more attention.

IRS Alters Audit Focus A key component in promoting the highest degree of voluntary compliance on the part of taxpayers is enforcement of the tax law. By pursuing those individuals and businesses who don't comply with their tax obligations, the IRS is being fair to those who are compliant.

Obscure and Overlooked? Just what we like to find for clients...

Obscure and Overlooked Tax Deductions, Credits, and Benefits As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. Of course, not everything can be included since the tax law has grown significantly in complexity, and it would take a thick book to list every...

This can be a good benefit to offer employees, but only if it's set up correctly...call us to get started.

Accountable Plans: A Win-Win for Employers and Employees As an employer or an employee one intricacy of tax laws and regulations that often goes unnoticed is the concept of Accountable Plans.

If you're approaching Social Security qualification ages (yes, there are choices as to when you can begin), it literally pays to go over the rules that will apply once you're enrolled...

Navigating the Future of Social Security: Survey Reveals Concerns and Tax Implications There are proactive steps individuals can take to secure their financial future.

Generally speaking, yep. If you think you may have missed an opportunity to claim funds, call your accountant.

Are Those ERC TV Ads Too Good to Be True? Seems like the TV commercials promoting filing for the Employee Retention Credit (ERC) haven’t gone away despite warnings from the IRS, the American Institute of CPAs, and other professional tax preparer societies that business owners can be misled into filing for a tax credit for which they do no...

Numbers from retail sales tell us that Home Improvement projects are booming. Down the line, that work you're doing and money you're investing can reduce your tax liability. Check the details here...

Why You Should Keep Home Improvement Records When the sales price, net of selling expenses, is more than the cost of an individual’s primary home the resulting gain would be taxable if not for a provision in the tax law that allows some or all of the gain to be excluded from the seller’s income. Of course, certain requirements must be met ...

From the 'Be Careful What You Wish For' file...

The Curious Case of the Hole-in-One: Tax Ramifications and Legal Wranglings Unfold The tax ramifications of winning a charity hole-in-one.

Only takes a few minutes, why not?

Find Lost Money Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of one year or longer (depending upon state law). It is estimated that one out of ten Americans have unclaimed property or money floating around so...

For those who have financial partnerships, large or small, one thing you cannot do is treat the partners as employees. Read this brief article for the explanation and reach out to us if you have questions...

Partners May Not Be Employees If your partnership has been treating you and other partners as employees of a disregarded entity owned by the partnership so the partners can participate in employee benefit plans and receive other employee benefits, you’d better read this. Tax regulations (1) issued by the IRS take aim at this p...

The valuable home sale exemption is usable every few years, if you pay attention to the rules...

Using the Home Sale Gain Exclusion for More than Just Your Home With careful planning, and provided you follow the rules, the tax code allows you to use the home sale gain exclusion every two years.

Time spent planning and saving now can make a huge difference in the future. We can help you run those numbers so you and all the generations of your family are secure.

Financial Aspects of Elder Care Planning Elder care planning is an essential component of your family’s financial future. Discover helpful tips for maximinig your money here.

Planning is really your first step in preparing your financial future...this article lays out some key steps in getting on track.

Financial Planning for All Ages Are you wondering where the world economy is going and how your personal finances will stand up to the changes? If so, you are not alone. Part of the fun of being on this planet is planning for the future even when it’s not clear what will happen tomorrow or next week.

If you find yourself in this situation, consulting with an accountant on how you should handle it can make a huge difference in the final outcome.

Taxation and Sales of Inherited Property Get Beneficial Treatment If you are the recent beneficiary of an inheritance, you may be wondering if you will need to pay tax on the cash, stocks or real property that you received.

Take a look, if you're in this class you may have some tax relief available.

Tax Breaks for Grandparents More and more individuals who thought their child-rearing days were over are now raising their grandchildren. It is estimated that 6.5 million children in the United States currently live with at least one grandparent, accounting for approximately 9% of all children nationally and more than half of....

It never hurts to make sure you're correctly following these employment rules...

Employee or Independent Contractor – A Primer for Employers and Employees It is not uncommon for employers to misclassify employees as independent contractors, either to intentionally avoid their withholding and tax responsibilities or because they are not aware of the laws regarding the issue.

Making the most of this situation is a bit more complicated than you might think...

Can a Self-Employed Taxpayer Mix Business and Pleasure During Foreign Travel and Still Get a Tax Deduction? Note: the business expenses discussed in this article – both foreign and domestic – are not deductible by employees during years 2018 through 2025. However, they are available to self-employed individuals.

For family owned businesses, these steps can help save you tax dollars...

Tax Breaks for Hiring Your Children in Your Family Business Assuming a child is suitable for the job, a reasonable salary paid to a dependent child who is under the age of 19 or a full-time student under the age of 24 reduces the self-employment income and tax of the parents (business owners) by shifting income to the child. In 2023 the child can earn up to....

These are the simple steps you should consider to protect your business funds.

How To Protect Your Business Cash During Banking Uncertainty Be proactive and take steps to protect your business cash during a period of banking uncertainty, there are a few key things you'll want to keep in mind.

Yep, that summer job carries tax liabilities, but there's upside as well...read more here for the key points...

Tips for Students Planning to Work During the Summer As the summer break from school approaches, many students are looking for part-time summer employment. Both parents and students should be aware of the tax issues that need to be considered when working a summer job. Here is a rundown of some of the more common issues:

If you are considering selling a property, this method can reduce your tax liabilty significantly.

Defer Taxes with Installment Sales Selling a property one has owned for a long period of time will frequently result in a large capital gain, and reporting all the gain in one year will generally expose the gain to higher-than-normal capital gains rates and subject the gain to the 3.8% surtax on net investment income.

A little homework ahead of time can earn you real savings...

Considering a New or Pre-Owned Electric Vehicle? Read This First to See If You Will Benefit From a Tax Credit 2023 brings with it a whole new set of rules related to qualifying for the tax credit for purchasing a new or used electric vehicle. Among the changes that must be navigated are buyer income limitations, vehicle assembly and component limitations and even vehicle price caps.

If you're responsible for the care of a parent or grandparent, this is well worth discussing with your accountant.

Eldercare Can Be a Medical Deduction Because people are living longer now than ever before, many individuals are serving as care providers for elderly loved ones (such as parents or spouses) who cannot live independently. Such individuals often have questions regarding the tax ramifications associated with the cost of such care.