Stuckey & Troutwine CPAs LLC

There are two strong incentives for eligible small businesses to operate as a special type of entity. Learn how a Qualified Small Business Corporation may work for your entity. Read our blog to learn more>>>>> https://bit.ly/3u97WHp

The IRS will open the 2024 tax return filing season on Jan. 29. The deadline for filing a 2023 return or requesting an extension is April 15 for most people (April 17 in Maine and Massachusetts). You may want to file early rather than procrastinating. It can potentially protect you from tax identity theft. In these scams, a thief uses another person’s personal information to file a fraudulent return early in the filing season and claim a fake refund. One question you may have is: When will W-2s and 1099s arrive? Jan. 31 is the deadline for employers to file 2023 W-2s and, generally, for businesses to file 1099s for 2023 interest, dividends, independent contractor payments and other payments.

Read our blog to learn more>>>https://bit.ly/3U37GEs

Do you consider 21- or 22-year-olds to be kids? For purposes of the “kiddie tax,” they might be. Here are the rules on our blog >>> https://bit.ly/3RRZdBf

Did you know if you’re selling your principal residence, or you already sold your home in 2023, some or all of the profit may be tax-free. It depends on the amount of profit and your income. Take a look at the basic rules on our blog>>> https://bit.ly/3vlCSV3

The real estate market has been tough recently. But there are still large profits being made on some business property. In these cases, a “like-kind” exchange may be attractive when selling commercial or investment real estate. Check out our blog to learn more.
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Are you dreaming of retiring to another state to escape cold weather or to be close to loved ones? Before calling the moving truck, examine the state and local tax implications. Read our blog to learn more. https://bit.ly/41GmaM3

Merry Christmas❤️

Slide into the new year by giving your a little speed boost. The Information Returns Intake System (IRIS) electronically accepts your 1099 series form for tax year 2022 and later. It's secure, fast, and free!

Learn more about what IRIS can do in this :
https://ow.ly/nLmL50QiZ01

As we close the chapter on 2023, the wants to remind you to to file your taxes soon. There are new things to consider and things you can do to make filing your return smoother.

Get started at: https://ow.ly/BFH250Qi0Yv

In the first quarter of 2024, businesses face several tax-related deadlines. Here are some key due dates and obligations. Click on the link to our blog about this.

Springfield, OH Accounting Firm | Blog Page | Stuckey & Troutwine CPAs LLC Take a look at our Blog page. Stuckey & Troutwine CPAs LLC is a full service tax, accounting and business consulting firm located in Springfield, OH.

Some of our team had a little too much fun serving at Salvation Army❤️

Spread some holiday cheer by giving gifts to employees or customers … or throwing a festive party. But make sure you understand the tax rules and how much can be deducted. Check out the blog below to learn more.

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Spread some holiday cheer by giving gifts to employees or customers … or throwing a festive party. But make sure you understand the tax rules and how much can be deducted. Check out the blog below to learn more.

https://bit.ly/3NmqqKO

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. Click on the link below to read our blog and learn more!

Springfield, OH Accounting Firm | Blog Page | Stuckey & Troutwine CPAs LLC Take a look at our Blog page. Stuckey & Troutwine CPAs LLC is a full service tax, accounting and business consulting firm located in Springfield, OH.

Thieves are posing as charitable organizations to steal your money. For , the reminds you to check that the organization you’re donating to is legitimate.

Find out more: https://ow.ly/ZOsA50Q5JV7

If your employer provides you with group term life insurance, it may add to your tax bill. It depends on the amount. Here are the rules.

Springfield, OH Accounting Firm | Blog Page | Stuckey & Troutwine CPAs LLC Take a look at our Blog page. Stuckey & Troutwine CPAs LLC is a full service tax, accounting and business consulting firm located in Springfield, OH.

Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments. The IRS recently announced the amounts for 2024. Click on the link below to read more.

https://bit.ly/3RiuU7O

Happy Thanksgiving from your Stuckey-Troutwine Fam!🦃🧡🥧

The IRS recently announced the special “per diem” rates that became effective Oct. 1, 2023. Here are the basics of these rates. Read our blog below.

Springfield, OH Accounting Firm | Blog Page | Stuckey & Troutwine CPAs LLC Take a look at our Blog page. Stuckey & Troutwine CPAs LLC is a full service tax, accounting and business consulting firm located in Springfield, OH.

There are tax implications if you hit a sizable jackpot in the lottery or while gambling. Here are the basic rules. Check out this link to read our blog.

Springfield, OH Accounting Firm | Blog Page | Stuckey & Troutwine CPAs LLC Take a look at our Blog page. Stuckey & Troutwine CPAs LLC is a full service tax, accounting and business consulting firm located in Springfield, OH.

Through 2025, the rules for deducting personal casualty losses on a tax return changed from what they were before 2018. However, you may still be able to claim a deduction if an event qualifies as a federally declared disaster. Check out our blog to learn more.

Springfield, OH Accounting Firm | Blog Page | Stuckey & Troutwine CPAs LLC Take a look at our Blog page. Stuckey & Troutwine CPAs LLC is a full service tax, accounting and business consulting firm located in Springfield, OH.

Who says is bad luck! Free File is available to extension filers through the Oct. 16 deadline, allowing qualified taxpayers to prepare and file their tax returns using guided tax preparation software for free. How’s that for lucky: www.irs.gov/freefile

Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor of a debt of your corporation, be aware of the possible tax implications. If the business defaults on the loan, and you make good on the obligation, the payment of principal or interest generally results in either a business or a nonbusiness bad debt deduction. If it’s a business bad debt, it’s deductible against ordinary income. A business bad debt can be either totally or partly worthless. If it’s a nonbusiness bad debt, it’s deductible as a short-term capital loss (subject to certain limitations). A nonbusiness bad debt is deductible only if it’s totally worthless. Want to know more? Check out our blog!

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Happy Friday friends! ❤️

If you spend money in the course of doing business, you want to be able to deduct it on your tax return. But in order to write off expenses, they must meet certain requirements. Under tax law, you can deduct “ordinary and necessary” business expenses. In general, an expense is considered ordinary if it’s common or customary in your trade or business. A necessary expense is defined as being helpful or appropriate. In order to be deductible, an expense must also be reasonable in relation to the benefit expected. Proceed with caution if expenses are unusual or could be considered fun, personal or extravagant. And keep careful records to prove your expenses. Check out our blog to learn more!

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Kids are expensive. Whether you just brought a bundle of joy home from the hospital, adopted a teen from foster care, or are raising your grandchild—an shares information on tax breaks that can help. https://ow.ly/ZCIM50P8qmA

What's up Wednesday! Here are some important fourth quarter 2023 tax-filing dates for businesses. OCT. 16: If you’re the owner or operator of a calendar-year C corp. which filed an extension, file a 2022 income tax return. OCT. 31: Report income tax withholding and F**A taxes for Q3 2023 (unless you’re eligible for a Nov. 13 deadline because you deposited on time and in full all of the associated taxes due). DEC. 15: If a calendar-year C corp., pay the fourth installment of 2023 estimated income taxes. Note: Certain deadlines may be postponed in federally declared disaster areas. We can provide more information about filing requirements and ensure you’re meeting all applicable deadlines. Check out our blog to learn more! https://bit.ly/3tcbms9

What's up Wednesday! Here are some important fourth quarter 2023 tax-filing dates for businesses. OCT. 16: If you’re the owner or operator of a calendar-year C corp. which filed an extension, file a 2022 income tax return. OCT. 31: Report income tax withholding and F**A taxes for Q3 2023 (unless you’re eligible for a Nov. 13 deadline because you deposited on time and in full all of the associated taxes due). DEC. 15: If a calendar-year C corp., pay the fourth installment of 2023 estimated income taxes. Note: Certain deadlines may be postponed in federally declared disaster areas. We can provide more information about filing requirements and ensure you’re meeting all applicable deadlines. Check out our blog to learn more! https://bit.ly/3tcbms9

WE ARE HIRING!!!

Here at Stuckey & Troutwine, we are proud of the work environment & culture we have developed. It truly feels like a family. We have fostered love, support and lots of teamwork into our drive behind serving our clients well. We are excited to expand our team!

Please click on the link below to learn more about these career opportunities.