industry news
Grossman St. Amour CPAs team members address relevant subject matters in the world of accounting, taxation, business valuation and financial planning. We invite you to review the various industry articles below. Should you have a question about or interest in a particular subject matter, please contact us.
Tips to Lower Gas Costs on Your Summer Road Trip
Is your family planning a road trip this summer? Many Americans are expected to hit the road as many parts of the country have relaxed their COVID-19-related restrictions on in-person gatherings, dining, recreation and events. Though road trips are generally less [...]
Things Taxpayers Should Consider When Selling a House
It’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some key things [...]
Valuable Deduction for Self-Employed Individuals – Retirement Plan Contributions
Not only can self-employed individuals accumulate retirement assets on a tax-deferred basis, they can also write off current contributions within generous limits. As with health insurance premiums, retirement plan contributions made by self-employed individuals are deductible "above the line." Your retirement [...]
Health Insurance – Valuable Deduction for Self Employed Individuals
If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you're looking to fulfill a lifelong dream of running a business for the first time. In any event, [...]
When Should You Take Social Security Benefits?
If you're nearing retirement, you've likely paid into the Social Security system your entire career. It's only fitting that you finally cash in on the Social Security benefits that are rightfully yours. But when should you start receiving benefits — at [...]
Sailing the Seas of Business on a Healthy Cash Flow
Pulling in revenue that will ultimately boost the bottom line is every business's goal. However, keeping your company in prime shape to seize profitable opportunities and overcome financial challenges is related to another objective: having a healthy cash flow. Every organization, [...]
Eligible Parents Will Begin Receiving Advance Child Tax Credits July 15
The IRS announced that the 2021 advance child tax credit (CTC) payments, which were established under a recent law, will begin being made on July 15, 2021. The IRS also stated that "roughly 39 million households — covering 88% of [...]
Vacation Home Usage Has Tax Implications
Do you own a vacation home that's classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal "staycations" or as remote office locations during the COVID-19 pandemic. But this [...]
How Virtual Currency Transactions Affect Your Tax Situation
With increasing market acceptance and the skyrocketing price of Bitcoin, virtual currency has become an IRS hot-button issue. Here's an overview of the tax rules that apply to this blockchain-based method of payment. Virtual currencies, also known as cryptocurrencies, have gone [...]
Plan Now for 2021 Tax Filing Year-Estimated Tax Payments & Withholding
You can be subject to penalties if you don’t pay enough tax during the year through estimated tax payments and withholding. Now is a good time to plan for the 2021 tax filing year. Contact our office for guidance at 315.424.1120 [...]