1. Accelerate Your Financial Retirement With Cash Balance Plans

    How it Works Cash balance plans offer owner-employees in professional practices a vehicle to defer tax on income more than the annual contribution limits of traditional Sec. 401(k) and profit sharing plans. Professional practices currently account for the highest use of cash balance plans, with the highest concentration in the medical field. Cash balance plans are appealing to this demographic of …Read More

  2. How You Can Hold Cryptocurrencies in Your IRA

    The IRS Virtual Currency Guidance: Notice 2014-21 names bitcoin as an example of a virtual currency and states “Bitcoin can be digitally traded between users and can be purchased for, or exchanged into U.S. dollars, Euros, and other real or virtual currencies.” This notice is a great opportunity for individuals and investors. Since bitcoin can be exchanged for dollars or other currencies, it c…Read More

  3. Common Questions Regarding Charitable Remainder Trusts

    Do I have to take the income now? You can set up the trust and take the income tax deduction now, but postpone taking the income until later. By then, with good management, the trust assets could have appreciated considerably in value, potentially resulting in more income for you How is the income tax deduction determined? The deduction is based on the amount of income received, the type and value…Read More

  4. Real Estate Divestment Tax Strategy: Charitable Remainder Unitrusts

    For many individuals and investors, real estate represents the largest portion of their net worth. Real estate has been a popular investment tool both for income and long-term appreciation. Individuals or businesses intending to divest real estate have several options. These include outright sale or donation, bequest, bargain sale, charitable gift annuity, charitable remainder trust and retained l…Read More

  5. What Is Cost Segregation?

    Here at Camuso CPA PLLC, cost segregation is just one of the services that we provide at our firm. For those of you who are unfamiliar with the term, cost segregation is simply the act of identifying the assets of a business, their value, and then classifying those assets in regards to the federal tax code. It can be beneficial for many businesses, but it also has potential drawbacks. Cost segrega…Read More

  6. What Taxpayers Need to Know About the Home Office Deduction

    If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes. This is a valuable tax deduction that should not go overlooked by taxpayers determined to effectively maximize profits and minimize taxes. Taxpayers cannot deduct more than the net busi…Read More

  7. Tax Incentive Opportunity For the Food and Beverage Industry – Untapped Cash Flows

    Work Opportunity Tax Credit (WOTC) The Work Opportunity Tax Credit provides a tax incentive for hiring individuals who face barriers to employment. Depending on which group an individual belongs to the credit per new hire can range from $2,400 to $9,600. The target groups include: Qualified (unemployed or disabled) veteran Qualified “summer youth,” that is, individuals 16 or 17 years old livin…Read More

  8. The Rapidly Evolving CPA Industry

    The CPA firm landscape is rapidly evolving, local firms like Camuso CPA serve as a model for how CPA firms can successfully respond to industry change and remain relevant. As a response to the shift to CPA’s serving in an advisory role from a compliance role, Camuso CPA is part of a new generation of CPA firms focused on building business relationships not collecting clients. CPAs live in a rapi…Read More

  9. Cryptocurrencies and Wash Sales

    Since cryptocurrencies are generally classified as property wash sale regulations should not currently be a concern for investors. This means investors can sell an investments to realize a tax loss, only to buy it back immediately thereafter at a bargain. Today, wash sales only apply to stocks and securities, so traders are operating in a gray area for now until further IRS clarification is issued…Read More

  10. Tax Efficient Way to Purchase Home For Children

    There are several ways to approach purchasing a second home for a child to temporarily live in. This is very common for parents with children who are going to college or transitioning into a new stage of life. With simple planning, your children can gain immediate access to their home and you gain some new tax deductions.  You can rent the home that you purchase to your children and treat the pro…Read More