Prosperl CPA | Accounting Blog

Remember three years ago when you depended on Zoom for work meetings and virtual schooling for your kids? While you’re probably really grateful the second one isn’t a reality anymore, the first one still had its appeal (unless something like this happened).  Working from home had its perks.  In a stroke of irony, the company that enabled us all to work from home during the era of social distancing recently started requiring… Read More

Undergraduate expenses are usually not eligible but… Master’s degree costs can qualify if the program improves the employee’s skills. Educational assistance plans can provide up to $5,250 in tax-free benefits per employee including your children IF specific requirements are met. You can get more, expert guidance on Financial Planning for Your Child’s Future by visiting our webinar at: College Financing Secrets w/ Ron Caruthers – YouTube<

If you are looking to minimize capital gains recognition, consider the qualified opportunity zone (QOZ) provisions under the Tax Cuts and Jobs Act. These provisions offer tax benefits for investments made in economically depressed communities across the United States and certain territories, plus additional tax-saving opportunities offered by combining QOZ benefits with Puerto Rico’s local incentives for economic growth. With most of the island designated as QOZs, Puerto Rico presents… Read More

Annuities offer steady income with low risk in retirement and are sold by insurance companies. An investor deposits money with the insurer who invests and returns it via a series of regular payments through one of the following: Variable annuities – allow investments with different levels of risk and returns based on the performance of the investments. Fixed annuities – guarantee the principal investment and earnings with a fixed payment… Read More

Hiring your spouse can mean big tax savings but not if you don’t do it correctly. Here’s what you need to know. Compensate Your Spouse Primarily in Tax-Free Employee Benefits, Not Taxable Wages. Cash wages are fully taxable so concentrate your spouse’s compensation entirely or mostly with tax-free benefits (such as health insurance), which are a deductible expense for you as your spouse’s employer. This results in real tax savings… Read More

This year has been a less-than-fun rollercoaster in the world of finance. Well, good news on that front — no more recession bogeyman lurking under the bed, at least that’s what the Fed declared as they raised rates again last week. Doesn’t mean more interest rate hikes aren’t ahead or that inflation’s fully cooled, but things appear to be balancing out. Even with this silver lining, there are still some darker clouds… Read More