The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses”Read More »Emil @ ZCPA wrote: The IRS has just announced 2024 amounts for Health Savings Accounts

Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues youRead More »ZCPA: 4 tax challenges you may encounter if you’re retiring soon

High inflation and rising interest rates are still affecting many businesses. For construction company owners, this means you’ll need to continue paying close attention to materials and labor costs. Keeping these dollar amounts in lineRead More »Emil @ ZCPA explain how to use proactive measures to manage materials and labor costs

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified forRead More »Emil @ ZCPA tips: If you’re hiring independent contractors, make sure they’re properly handled

If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answersRead More »Emil @ ZCPA: Questions you may still have after filing your tax return

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years,Read More »Emil @ ZCPA wrote: Use the tax code to make business losses less painful

If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federalRead More »Emil @ ZCPA: The IRS clarifies what counts as qualified medical expenses

The IRS has historically considered construction a high-risk compliance industry because of its potential for cash transactions, underreported income and worker misclassification. What’s more, as the tax agency rolls into the future under new leadership,Read More »Emil @ ZCPA explain how construction business owners can prepare for an IRS audit

One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees isRead More »Emil @ ZCPA explain how to education benefits help attract, retain and motivate your employees

If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets. Check the boxRead More »Emil @ ZCPA: Tax news for investors and users of cryptocurrency

If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct theRead More »Emil @ ZCPA wrote: 4 ways corporate business owners can help ensure their compensation is “reasonable”

A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is anRead More »Emil @ ZCPA: There’s a favorable “stepped-up basis” if you inherit property