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Lucke and Associates CPAs, L.C.
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  • About Us
    • Managing Partner
    • Brochures
  • Clients
  • Entrepreneurs
  • Lifecycle
    • GAP Planning
    • Selling Versus a Family Succession
  • Services
    • Managed Accounting
    • Tax
    • Financial Reporting
    • Exit & Succession Planning
    • Restaurant & Hospitality Support
  • Careers
  • What’s Hot
  • Contact

Tax Season Is Long Over, but Tax Scams Are Thriving

Individuals, NewsletterBy Jeff LuckeSeptember 12, 2023

The IRS is warning taxpayers about emails and text messages that promise refunds and credits, but that actually result in identity theft. Many current schemes involve the third Economic Impact Payment (originally made in 2021). Messages may also reference the Employee Retention Credit, assert that the taxpayer is owed a refund or say there’s problem…

An “Innocent Spouse” May Be Able to Escape Tax Liability

Individuals, NewsletterBy Jeff LuckeSeptember 7, 2023

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. That means the IRS can pursue either spouse to collect the entire tax, not just the part that’s attributed to one spouse or the other. This includes any…

Tax Implications to Be Aware of After a Job Loss

Individuals, NewsletterBy Jeff LuckeSeptember 5, 2023

Despite the generally robust job market, some people are still losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, you may face tax implications due to your changed personal and professional circumstances. Depending on your situation, these can be complex and require you…

Buy-Sell agreements Require Careful Planning

Business, NewsletterBy Jeff LuckeSeptember 1, 2023

Does your business have multiple owners? If so, you need a buy-sell agreement. This type of binding contract determines how (and at what price) ownership shares of a privately held business will change hands should an owner depart. There are also potential tax consequences to consider.   Unique Challenges Unlike public companies, private ones have…

Employee Retention Tax Credit (ERTC) Scams and Fraud

Business, News, NewsletterBy Jeff LuckeAugust 10, 2023

The rise of “ERTC Mills” has caused widespread confusion and increased the potential for fraud. These entities exploit the system, intensifying the risk of deception. While these mills charge for basic clerical duties, their agreements often specify that they don’t offer audit services. However, they might assist in finding support if an audit results from…

Deducting Business-Related Vehicle Expenses

Business, Individuals, NewsletterBy Jeff LuckeAugust 4, 2023

If you’re self-employed and use your car, SUV or other vehicle for business, you can deduct certain business-related vehicle expenses. Depending on the cost of operating the vehicle or how much you drive it, as well as how much of your use of the vehicle is for business purposes, this can add up to a…

It’s Natural Disaster Season: Safeguarding Tax Records

Business, Individuals, NewsletterBy Jeff LuckeAugust 2, 2023

With hurricane season in the East and South, wildfire season in the West, and severe weather season in the middle of the county, now is a good time to create or review emergency preparedness plans for surviving natural disasters. Here are three steps taxpayers can take to safeguard their tax records before disaster strikes and…

Minimizing Capital Gains Tax on Sale of a Home

Individuals, News, NewsletterBy Jeff LuckeAugust 1, 2023

If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale. The IRS home sale gain exclusion rule allows an exclusion of gain up to $250,000 for a single…

Is Your College Student’s Scholarship Taxable?

Individuals, News, NewsletterBy Jeff LuckeJuly 10, 2023

May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child’s scholarships are taxable, here is what you should know. What Is a “Scholarship?” First, it’s important to understand how a scholarship is defined. Generally,…

Tips for Taxpayers With Hobby Income

Individuals, News, NewsletterBy Jeff LuckeJuly 6, 2023

Hobby activities are a source of income for many taxpayers. As a reminder, this income must be reported on tax returns. But the reporting rules are different than for income from a for-profit business. For one thing, hobbyists can’t deduct their hobby expenses. A hobby is any activity that a person pursues because they enjoy…

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