For anyone who takes a spin at roulette, cries out “Bingo!” or engages in other wagering activities, it’s important to be familiar with the applicable tax rules. Otherwise, you could be putting...
You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses are generally “passive” and can only be used to offset...
The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you...
Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s. But if you hold such funds in taxable...
Executives and other key employees are often compensated with more than just salary, fringe benefits and bonuses: They may also be awarded stock-based compensation, such as restricted stock or stock...
Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other meal and...
Brown Edwards, a leading regional certified public accounting firm, is pleased to announce Laura Sprouse and Tim George have joined the partnership. “Laura and Tim have been integral in the growth of...
Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax...
We are proud to announce Brown Edwards has been voted as the BEST ACCOUNTING FIRM in Southwest Virginia in Virginia Living Magazine’s 2016 Best of Virginia reader’s poll.
By investing in qualified small business (QSB) stock, you can diversify your portfolio and enjoy two valuable tax benefits: