Information on taxes.

tax planning guide

Hare CPAs 2021 – 2022 Tax Planning Guide Release

We are happy to release our 2021 – 2022 Tax Planning Guide. This guide includes information and guidance for both businesses and individuals. If you have questions or if you would like additional information, please contact us.
irs communications

How the IRS communicates with taxpayers

How the IRS Communicates with Taxpayers:   The first contact from the IRS is normally by letter or written notice delivered by the U.S. Postal Service to a taxpayer, but not always. Depending on the situation, IRS employees may first call or…
theft loss

Businesses claiming a theft loss deduction

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s…
gift tax annual exclusion

Tax planning with the gift tax annual exclusion

As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable…
casualty loss

claiming a casualty loss tax deduction in certian situations

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts…
Divorce

Getting a divorce? Be aware of tax implications

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Tax-free…
group term life insurance

Does your employer provide group term life insurance?

Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be undesirable income tax implications. Tax on income…
ABLE accounts

ABLE accounts help disabled or blind family members

There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better…
guaranteeing a loan

Possible tax consequences of guaranteeing a loan

What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences of guaranteeing…