Schroedel, Scullin & Bestic, LLC

Investigate Operations Before Signing an Employment Contract Due diligence involves more than straight finances. You also have to examine the operations of any medical practice you might consider joining or merging with. Here's a rundown of some of the important factors involved. Visit our website or follow the link to read more: https://hubs.la/Q02L7kmF0

Business Owners: Failure to Substantiate Donations Can Be Costly To claim a charitable contribution deduction over a certain amount, business owners must obtain a contemporaneous written acknowledgement of the donation that meets IRS requirements. Here's a summary of the requirements and a recent U.S. Tax Court case in which members of a family-owned S corporation learned this lesson the hard way. Click the link or visit our website to read more: https://hubs.la/Q02L7m6S0

Top 10 Tax Breaks to Consider on Extended Returns Beware: If you extended your 2023 federal income tax return, the due date for filing your individual return is October 15, 2024. But there could be a silver lining. Now that you have a clearer picture of your tax situation, you may be better positioned to take advantage of certain tax breaks. Follow the link or visit our website for 10 ideas worth considering: https://hubs.la/Q02KF05F0

Last week, SSB's Bradley Linton, Luke Durbin, Jim Ellcessor and Eric Ehrenberg enjoyed a day of golf at the Salem Chamber Golf Outing; Joe Marks and Bryant Croach of SSB were joined by Colin Boyd (Boyd Turf Industries) and Bob Calvert (First National Bank) at the Shenango Valley Chamber Golf Outing. Looks like everyone had a great time!

Computing Tax Basis Counts when Selling a Highly Appreciated Home If you sell your principal residence for significantly more than you paid for it, it's important to count expenditures that may reduce your tax basis. Doing so can significantly reduce your taxable gain and potentially save major tax dollars. Here are some expenses you may have incurred that can help lower your tax hit under current law. Read more by visiting our website or following the link: https://hubs.la/Q02JgJyN0

IRS Issues New Final Regs on RMDs People who have inherited retirement accounts (or will inherit them) have been awaiting final guidance on required minimum distributions (RMDs) from these accounts. The rules for RMDs from inherited accounts changed significantly under 2019 legislation. The IRS finally published its final guidance, which generally mirrors proposed guidance issued in 2022. This article explains, along with some information about other guidance the IRS issued regarding RMDs. Follow the link or visit our website to read more: https://hubs.la/Q02JgpT90

SSB participated in the SRMC Golf Classic held last Friday at The Links at Firestone Farms. It was a beautiful day to be on the course in support of a great cause! Representing SSB from left: Nico Saborse, Joe Marks, Drew Klapac and Bryant Croach.

How to Protect Your Business from Payroll Fraud Schemes Any business that has employees could suffer payroll fraud and related schemes. Large or small, and regardless of industry, every business could become subject to this threat. The good news is, your organization can mitigate the risk by understanding the forms payroll fraud takes. This article explores common schemes and suggests ways to help detect or prevent them. Follow the link or visit our website to read more: https://hubs.ly/Q02HHtRf0

Savvy Homebuying Option: Take Out a 401(k) Loan, Then Recast Your New Mortgage The residential real estate market is hot in many parts of the country. If you find your dream home, you might lose out on it unless you can act quickly and make a strong offer. You may have to sell your current home, but many sellers are reluctant to accept offers with a sales contingency. Here's a creative strategy that may provide certain homebuyers extra liquidity and flexibility. Visit our website or follow this link to read more: https://hubs.la/Q02HHmGk0

How to Manage Taxes in Retirement Individuals who are planning and saving money for a financially secure retirement shouldn't neglect the impact of taxes. This article notes that many retirees don't consider how taxes will affect their retirement income. As a result, they may end up paying thousands of dollars more in taxes than they would have if they'd planned better. It's a good idea for individuals to take steps now to plan for the impact of taxes on retirement finances. Visit our website or follow this link to read more: https://hubs.la/Q02GNs_X0