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Scott and Company LLC Announces New Promotions
Scott and Company LLC, one of South Carolina’s leading accounting, tax, and consulting firms, is pleased to announce the promotions of Amanda Hawkins, CPA, Kim Hearn Johnson, CPA, Mike Aponte, Victoria Izakova, Taylor Williams, Matt McDaniel, and Allison Price. Hawkins and Johnson were both promoted to the role of manager. Hawkins is in the firm’s…
Have Coffee with John Price, CPA and Gain Valuable Year-End Insights
Tax and Advisory Services Member John Price, CPA, had coffee with Mark Wright, Director of Business Development of SC Biz News, and shared insights into recent tax legislature that positively impacts South Carolina tax payers, potential audit red flags, record retention best practices, and more.
We asked our staff why Scott and Company is not your average accounting firm. Watch to find out why being average is not for us!
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Charitable Tax Deduction Peculiarities
Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers filing jointly for 2021) of cash donations as a deduction for non-itemizers. Charitable contributions can take many forms, and some are unusual or…
Read This First Before Tapping Your Retirement Savings
Your 401(k), IRA or other retirement accounts may be a tempting source for cash if you find yourself short of funds or have a major purchase you are considering. But withdrawing money from a traditional IRA or qualified retirement account before you reach age 59½ may not be the best idea, as you will likely…
Determining If Your Vacation Rentals Are Really Commercial Real Estate
This article discusses the ins and outs of a tax strategy known as a cost segregation study, and in particular, for those that own a vacation rental real estate. When the property is leased out for less than 30 days at a time, it could be recognized as non-residential real estate property. Therefore, taxpayers should…