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Accounting, Tax & Finance Articles

Welcome to our Resources section, where you will find articles on accounting, tax, and finance for businesses and individuals, as well as resources to aid in business financial planning across a variety of industries we serve. Please contact us for personalized advice in accounting and finance. Maxwell Locke & Ritter is here to offer trusted guidance.

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Maxwell Locke & RItter is a proud sponsor of the 28th annual Fast 50 Awards, brought to you by the Austin Business Journal. If your company can show net revenue growth during the last three years (even if one wasn’t as successful as the other two) the Austin Business Journal would like to honor you.

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Are you age 65 and older and have basic Medicare insurance? You may qualify for a tax break for paying Medicare premiums in 2021.

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As we continue to emerge from the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States.

In today’s unprecedented market conditions, key “unknowns” could have a material impact on the accounting estimates included in your company’s financial statements. Learn more about the three common approaches used by auditors to substantively test accounting estimates and fair value measurements to reduce the risk of restatements or write-offs in future periods.

Is your family planning a road trip this summer? Many Americans are expected to hit the road as parts of the country relax their COVID-19-related restrictions on in-person gatherings, dining, recreation and events. Though road trips are generally less expensive than air travel, rising gas prices could increase how much you’ll need to budget for your vacation, especially if you’re riding in a gas-guzzling V-8 or recreational vehicle.

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire.

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The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021.

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In lieu of providing cash bonuses or annual raises, some companies choose to give valued employees a share of their future profits. While corporations generally issue stock options, limited liability companies (LLCs) use a relatively new form of equity compensation called “profits interests” to incentivize workers. Here’s a summary of the accounting rules that are used to account for these transactions.

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Many businesses provide education fringe benefits so their employees can improve their skills and gain knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from an employer for education under a “qualified educational assistance program.” Learn more about setting up an education assistance or student loan repayment plan for your team.

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Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property.

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