Richardson, Steere & Associates, CPA

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Richardson, Steere & Associates, CPA

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03/20/2026

If you’re thinking about starting a business, make sure you understand your federal tax responsibilities before opening your doors. IRS Publication 583, Starting a Business and Keeping Records, covers the basics. Your business structure (such as a sole proprietorship, partnership, limited liability company or corporation) determines which forms you must file and which taxes apply, including income, self-employment, employment and excise taxes. You may also need an Employer Identification Number for tax purposes, and you should be aware of your recordkeeping requirements. Starting a business is exciting, and getting the tax details right is important. We’re here to help. Call us at (401) 941-0900.

03/18/2026

Psst! Want to save more for retirement? If your employer offers one, use your Health Savings Account (HSA). You might already contribute pretax earnings and use the balance for out-of-pocket medical expenses. But because HSA balances carry over year to year and can grow indefinitely tax-deferred, these accounts also work as retirement savings tools. After age 65, you can use penalty-free distributions for nonmedical expenses, but they’ll be taxable. So if you’ve maximized contributions to a 401(k) and IRA, HSAs offer another opportunity. Contact us at (401) 941-0900 to discuss retirement savings strategies.

03/17/2026

Business owners: 100% bonus depreciation is back. It had been scheduled to drop to 40% for 2025 and 20% for 2026 and to disappear for 2027. Also, the Sec. 179 expensing limit has doubled for 2025 and is indexed for inflation going forward. Eligible assets for both breaks generally include machinery, equipment, computers, furniture and certain qualified improvements to nonresidential real estate. These tax law changes could make a meaningful difference on your 2025 return and in your 2026 planning. Contact us at (401) 941-0900 to learn more.

03/16/2026

Attention, small business owners: As you wrap up your 2025 tax filings and begin planning for 2026, remember that many previously temporary tax law provisions are now permanent. And new opportunities may be available to help reduce your tax burden. If you’re ready to take a smart, strategic approach to the year ahead, we’re here to guide you. Contact us at (401) 941-0900.

03/13/2026

The IRS is reminding taxpayers of new deductions available this tax season. If you’re 65 or older, you potentially can claim an additional $6,000 deduction. Depending on your occupation, you may be able to deduct up to $25,000 in qualified tips. You may also be able to deduct up to $12,500 in qualified overtime ($25,000 if you’re married and file jointly). If you took out a vehicle loan in 2025, you possibly can deduct up to $10,000 in interest paid. But all these breaks are subject to additional rules, and they phase out when income exceeds applicable limits. If you’re eligible, you can claim these deductions whether you itemize or take the standard deduction. Contact us at (401) 941-0900 with questions.

03/11/2026

The decision to itemize deductions or claim the standard deduction can have a big impact on your tax bill. With a higher standard deduction and itemized deductions more limited, many taxpayers who once benefited from itemizing have been better off taking the standard deduction. But the recent quadrupling of the deduction limit for state and local taxes could make itemizing worthwhile again for some. Not sure which is better for you? We can help. Call us at (401) 941-0900.

03/10/2026

In a divorce, a qualified domestic relations order (QDRO) allows retirement plan assets to be transferred to a spouse without dire tax consequences. A court issues a QDRO, which states a dollar amount or a percentage of assets that belongs to the spouse. It also specifies the number of payments to be made (or the length of time for the terms to apply). Contact us at (401) 941-0900 for details.

03/09/2026

Business structure affects both taxes and personal liability. The tax factors are particularly complex. A tax-smart tax move for one business could be costly for another. Before making a change to your existing business structure or choosing one for your new business, contact us at (401) 941-0900. We can help you determine which structure will best support your business and financial goals.

03/06/2026

Do you have an IRS Individual Online Account? If not, the IRS is encouraging you to create one. Taxpayers with an account can securely access their tax information online. Specifically, you can view your balance, make payments, set up payment plans, access tax records and review prior notices without waiting on hold or mailing forms. Plus, the account can help protect you from identity theft and fraud. Having an account can also help reduce errors and surprises by allowing you to monitor activity in real time and respond quickly if issues arise. See something in your account that concerns you? Call us at (401) 941-0900 to discuss it.

03/04/2026

It’s common for small businesses to work with friends, relatives and affiliated companies. After all, they can be loyal workers and trustworthy business partners. But if related-party transactions aren’t handled properly, they can distort financial results, affect loan eligibility and even trigger IRS scrutiny. We can help you identify and record these transactions at market terms. Proper documentation supports compliance and provides clearer insight into how these arrangements affect cash flow and profitability. Contact us at (401) 941-0900 to keep your books accurate and transparent.

03/03/2026

You’ve spent time and money building your business, and it’s now probably your most valuable asset. So safeguarding that wealth is critical. The good news is that there are many ways to help ensure it remains a lasting source of security for you and your family. Our team can help you identify and implement wealth management strategies that protect what you’ve built while preserving your business’s value and competitive edge. Contact us at (401) 941-0900 to get started.

03/02/2026

Gifts that consist of hard-to-value assets, such as interests in a closely held business, can be risky. A defined-value gift may help you avoid unexpected tax liabilities. A defined-value gift is a gift of assets that are valued at a specific dollar amount rather than a certain number of stock shares or a specified percentage of a business entity. Structured properly, a defined-value gift won’t trigger gift taxes down the road. The key to this strategy is that the defined-value language in the transfer document is drafted as a “formula” clause rather than an invalid “savings” clause. Call us at (401) 941-0900 to learn more.

Address

300 Centerville Road 205W
Warwick, RI
02886

Website

http://rsacpari.com/

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