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4 Advantages of Roth IRAs as Part of Your Tax Planning Strategy

4 Advantages of Roth IRAs as Part of Your Tax Planning Strategy

July 15, 2022

The last few weeks have been a bumpy ride for most investors in the stock market. The market volatility in 2022 has many investors rethinking their investment strategy and looking at other viable investment tools, including Roth IRAs.  From a tax strategy standpoint, this is usually when you should consider converting some of your retirement money into Roth IRAs.

Mergers and Acquisitions are Hot!!

Mergers and Acquisitions are Hot!!

May 26, 2022

Summer isn't the only thing heating up this year. The merger and acquisitions market hit a record of $2.9 trillion in transactions in 2021, an increase of 55% from 2020, and things are still heating up. 

Conducting An Audit is Good Business

Conducting An Audit is Good Business

May 26, 2022

The word audit conveys negative images of disruption from day-to-day activities, endless questions, and bad news for many business owners. The truth is that an audit can provide business owners peace of mind. An audit ensures the company's financial statements have been completed correctly and gives insight into the company's financial position so business owners and shareholders can create a strategic plan for the future. 

2022 Tax Planning: Real Estate Activity Compliance

2022 Tax Planning: Real Estate Activity Compliance

May 26, 2022

If a taxpayer owns rental real estate, there are federal tax responsibilities. All rental income must be reported on their tax return, and in general, the associated expenses can be deducted from their rental income. Landlords should be aware that keeping accurate accounting records is just as important as collecting the rent on time each month.

2022 Tax Planning: Net Operating Losses

2022 Tax Planning: Net Operating Losses

May 20, 2022

Taxpayers can utilize net operating losses (NOLs) generated on their personal and corporate tax returns generated in tax year 2022 by carrying forward the losses. The usage of the loss carryover is subject to certain limitations.

Tax Planning: The Tax Benefits of Cost Segregation

Tax Planning: The Tax Benefits of Cost Segregation

May 16, 2022

Business and individual taxpayers that acquire nonresidential real property or residential rental property have an opportunity to reduce the depreciable lives on assets which are building components. Certain assets may qualify for shorter lives and recovery periods under MACRS depreciation. The reduction of the asset lives provides accelerated deductions to offset income.