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IRS Unveils Retirement Plans Inflation Adjustments for 2023
Article Highlights: Planning for the Future Inflation-adjusted Contribution Amounts IRAs Employer 401(k)s HSAs TSAs SE Retirement Plans SEPs Are you ignoring your future retirement needs? That tends to happen when you are younger, retirement is far in the future, and you believe you have plenty of time to save for it. Some people ignore the…
Substantive Tax Relief for Pass-Through Stakeholders
Bill West(803) 753-5230bwest@scottandco.com In the last days of the 2021 South Carolina legislative session, the General Assembly passed one of the most substantive tax relief bills for small businesses operating as pass-through entities in this state. The most intriguing aspect of this state legislation is that it saves federal taxes rather than state taxes by…
What an Economic Slowdown Means for Your Small Business
If you pay attention to the financial news, you’ve likely heard that we may — or may not — be in the midst of a recession. While experts argue over whether or not two consecutive periods of falling gross domestic period necessarily confirm an overall decline in economic activity, small business owners have more pressing…
What Does the Inflation Reduction Act Mean To You?
Article Highlights: Increased Internal Revenue Service (IRS) Funding Drug Pricing Affordable Care Act Insurance Premiums Corporate Minimum Tax Excise Tax on Corporate Stock Buybacks Home Solar Energy Credit Extended and Increased Credit For Energy Efficient Home Modifications Clean Vehicle Credit Credit For Previously Owned Clean Vehicles Credit For Qualified Commercial Clean Vehicles Research Credit On August…
Life Changing Events Can Impact Your Taxes
Life Changing Events Can Impact Your Taxes Article Highlights: Marriage Buying a Home Having or Adopting Children Getting Divorced Death of Spouse Throughout your life, there will be certain significant occasions that will impact not only your day-to-day living but also your taxes. Here are a few of those events: Getting Married – If you just…
Take Tax Advantage of a Low-Income Year
Article Highlights: Exercise Stock Options Convert a Traditional IRA to a Roth IRA Maximize IRA Distributions Sell Appreciated Stock Delay Business Expenditures Release Dependency Delay Personal Deductible Expenditures People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who…
Shark Tank Investor Daymond John: His Story So Far
If you had to make a list of some of the more popular reality television shows these days, Shark Tank would undoubtedly be right at the top. Originally premiering in 2009, it’s a program that has captured the imagination of people worldwide. A panel of investors – otherwise known as “sharks” – listens to people…
Will Your Planned Retirement Income Be Enough After Taxes?
Article Highlights States With No Income Tax Social Security Benefits Roth IRA Retirement Account Traditional IRA Retirement Account Spousal IRA Back-Door Roth IRA Saver’s Credit Employer Pensions Employee Funded Retirement Plans Health Savings Accounts Brokerage Accounts Municipal Bonds Investments Home Equity & Gain Exclusion Reverse Mortgage Whole Life Insurance Cash Value This is an important…
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…
Employee Spotlight
Where did you go to college? University of South Carolina Aiken What year did you join Scott and Company? I joined Scott and Company in August 2022 Why did you choose Scott and Company? I was initially interested in Scott and Company because it was a small-to-medium-sized CPA firm located in Columbia, SC. I was eager…