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Tom Hallissey

Recent Posts

Tax Law Changes you need to Know before Filing in 2020

Posted by Tom Hallissey on Dec 11, 2019 10:00:00 AM

The IRS tax code is constantly in flux. From major overhauls to minor tax law changes, each year there are new opportunities to earn a larger tax refund check. As you begin planning your tax preparation, learn about what’s new for 2020.

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Topics: Tax Season

Personal Income Tax Preparation: How to get a Head Start

Posted by Tom Hallissey on Nov 27, 2019 9:07:27 AM

Tax season is still a few months away, but it is never too early to start personal income tax preparation. What you do today will help reduce stress when April rolls around.

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Topics: Tax Season

New 100% Business Depreciation Deduction Finalized

Posted by Tom Hallissey on Nov 7, 2019 4:42:49 PM

The IRS and the Treasury Department have finalized new business depreciation deduction regulations that allow companies to write off most of their depreciable assets in the year that they were used.

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Topics: Business Accounting

5 of the Best Money Management Apps Available Right Now

Posted by Tom Hallissey on Oct 25, 2019 10:00:00 AM

Between work responsibilities and family obligations, it’s often tough to find the time to track investments or even follow a monthly budget. To make life easier, many people are now relying on a simple digital solution: money management apps. If you need help with financial planning, consider downloading one of these five apps to your phone.

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Topics: Insider

Nonprofit Accounting Tips every Agency Should Know

Posted by Tom Hallissey on Oct 10, 2019 10:00:00 AM

Even though an organization doesn’t earn a profit, it is not exempt from financial reporting. 501(c)3s must also submit tax returns and follow IRS rules. From internal polices to tax regulations, these four nonprofit accounting tips will help any agency be better prepared to manage its finances.

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Topics: Insider, Business Accounting

Baffled by Bitcoin? Try this Basic Guide to Digital Currency

Posted by Tom Hallissey on Sep 20, 2019 10:00:00 AM

Ten years after its release, Bitcoin is still somewhat of a mystery to many. With no bills or even a gold standard, this digital currency operates much differently than the dollar, the yen or the euro. If you are considering investing in Bitcoin or another type of cryptocurrency, first learn the basics about the world’s trendiest monetary system.

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Topics: Insider

What is Capital Lease Accounting, and How does it Work?

Posted by Tom Hallissey on Sep 6, 2019 10:00:00 AM

For financial reporting purposes, there are two different types of leases: capital and operating. One major difference is that in capital lease accounting the asset is treated like a purchase, giving the lessee the same benefits and drawbacks of ownership. With new guidelines recently taking effect, this type of lease may now apply to many more leasing contracts.

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Topics: Insider

When Captive Insurance Companies Beat Traditional Options

Posted by Tom Hallissey on Aug 27, 2019 10:00:00 AM

To manage financial risk properly, your business must make astute choices. By knowing when to pick captive insurance companies over traditional insurers, you can gain significant protection, cost savings, potential tax reductions and even wealth preservation opportunities.

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Topics: Insider

Retail Accounting vs. Cost Accounting: The Pros and Cons

Posted by Tom Hallissey on Aug 14, 2019 10:00:00 AM

Small businesses have two choices when considering how to calculate and track inventory: cost and retail accounting. Although the cost method is more popular today, there are valid arguments for using both types of accounting. Learn more about which method might be the right solution for your company.

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Topics: Business Accounting

Fun Things to do to Improve your Child’s Financial IQ

Posted by Tom Hallissey on Jul 29, 2019 10:00:00 AM

Just like making a bed, money management is a basic skill every parent can teach at home. If you haven’t introduced financial concepts to your kids yet, try out these fun strategies for improving financial IQ.

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Topics: Insider

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Since 1949, S,L&C has provided professional accounting and business advisory services from New York to California. Now, our blog contains some of the latest news, trends and tips to help you prosper financially.  

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