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What are the tax implications of buying or selling a business?
Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications. Two ways to arrange a deal Under current tax law,…
February 24, 2021
Can you qualify for a medical expense tax deduction?
You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. Itemizers must meet a threshold For…
February 22, 2021
Many tax amounts affecting businesses have increased for 2021
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that…
February 20, 2021
Did you make donations in 2020? There’s still time to get substantiation
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends. What is required To support a charitable…
February 17, 2021
Two St. Louis Accounting Firms Merge with Purk & Associates, P.C.
Purk expands senior management team with Doug Pleus, CPA, Pleus & Company, LLC; Terry Knox, CPA, Dwyer Costello and Knox P.C.; Holly Breuer, CPA, and Candice Carter. Purk & Associates, P.C., the leading, woman-owned St. Louis-based accounting, and management advisory firm, announced today that Pleus & Company, LLC; and Dwyer Costello and Knox P.C. have…
February 16, 2021
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St. Louis accounting firms Pleus & Co. and Dwyer Costello and Knox merge into Purk & Associates. https://bit.ly/3as9dNb
February 16, 2021