Aspire. Ascend. Achieve
15 May

Tax Implications of Investing in a Small Business

Investing in a small business can be a great opportunity. It can provide you with the chance to earn extra income, to diversify your investment portfolio, and it can be rewarding to help bring another person’s idea to fruition. But of course, with these rewards also come risks, so it is important to fully understand […]

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01 May

Historic Tax Credits Escape Extinction With Few Exceptions

Historic Tax Credits Escape Extinction—Few Modifications to Know Real estate professionals should feel relieved—while historic tax credits (HTCs) were on the chopping block during tax reform debates, the valuable tax credit was, for the most part, left intact in the final Tax Cuts and Jobs Act. In deciding to keep the major benefits of HTCs […]

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26 Apr

New Year, New Tax Brackets

How Tax Brackets Have Changed The tax plan that was passed late last year has been all over the news lately, which should come as no surprise; it represents the biggest change to U.S. tax code in almost 30 years. While tax brackets have shifted slightly over the years and are updated regularly for inflation, […]

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25 Apr

States Have Vested Interest in Supreme Court Internet Sales Tax Case

Supreme Court Internet Sales | Spire Group, PC Billions of Dollars From Online Retailers at Stake States across the country are anxiously watching as the Supreme Court hears arguments in a long-awaited challenge to Quill Corp v. North Dakota, the ruling which prohibits states from collecting sales tax on vendors lacking an in-state physical presence. […]

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13 Apr

How the Recent Tax Reform May Impact Your Charitable Giving Strategy

Charitable Giving Strategy The first time Congress allowed a tax deduction for charitable giving was in 1917, only a few months after the U.S. entered WWI. This deduction was created as a way to bolster charities and their war efforts, and it has been available to taxpayers ever since. Today, taxpayers can take a charitable […]

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12 Apr

Tax Reform: How to Navigate Your Path to Depreciation Deductions

Depreciation Deductions and Used Property | Spire Group, PC Used Property Qualifies Under New Tax Rule Overview A taxpayer-friendly provision included in the freshly passed tax reform package allows bonus depreciation to expand to 100 percent for qualified property placed into service after Sept. 27, 2017 and before Jan. 1, 2023. Also of note: Bonus […]

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03 Apr

Estate and Gift Tax Rules Have Changed—Here’s What You Should Know

Estate and Gift Tax | Spire Group, PC The sweeping reform Congress pushed through to the federal tax law began taking effect mostly in 2018. Among the many significant changes made were changes to the estate and gift tax law. The crux of the change is that the estate and gift tax lifetime “exemption” more […]

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27 Mar

Is Your Side Hustle a Hobby or a Business?

Business or Hobby? Nine Factors That Determine Your Classification The “side hustle” is a term that has been gaining popularity in the last few years, and for good reason; close to 14% of Americans have a side hustle these days. Americans are choosing to take on their side jobs for a variety of reasons. Some […]

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09 Mar

Take a Guided Walkthrough of Your Tax Return

Form 1040, Schedule E, Itemized Deductions, Business Income, Schedule D… there are so many parts to a tax return, and at first glance, each page is more complex than the last. Tax returns are confusing for many taxpayers, and that is why we would like to give you a quick guided tour of some of […]

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26 Feb

An Introduction to the Qualified Business Income Deduction

The Tax Cuts and Jobs Act was passed in December 2017, and most of the new guidelines are effective for tax years that begin on or after January 1, 2018. With such a brief implementation period, many taxpayers feel lost and unprepared to handle the changes. Luckily, it is not too late for taxpayers to […]

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