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LATEST NEWS & UpDATES
Matching gifts make donations twice as sweet
According to nonprofit consultant Double the Donation, almost 65% of U.S. companies offer matching gift programs to help boost their employees’ charitable giving power. Sadly, billions of dollars in corporate matching gift funds go...
IRA charitable donations: An alternative to taxable required distributions
Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your IRA. When distributions are taken...
Want to turn a hobby into a business? Watch out for the tax rules
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed...
Caring for an elderly relative? You may be eligible for tax breaks
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. 1. Medical expenses. If the individual qualifies as your...
Businesses may receive notices about information returns that don’t match IRS records
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a...
Children’s Cancer Partners of the Carolinas
We are excited to be sponsoring the Children's Cancer Partners of the Carolinas. Join us in Downtown Spartanburg for the 2022 Burger Cook-Off on April 30, 2022 from 1-7 p.m. *Proceeds benefit Children's Cancer Partners of the Carolinas....
Tax considerations when adding a new partner at your business
Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash...
It’s almost that time of year again! If you’re not ready, file for an extension
The clock is ticking down to the April 18 tax filing deadline. Sometimes, it’s not possible to gather your tax information and file by the due date. If you need more time, you should file for an extension on Form 4868. An extension will...
Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions
Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why would you want to? One reason might be tax law changes...
Consulting & Support Services
Holcombe, Holtzclaw & Ravan LLC offers a range of business support services to meet the diverse needs of our clients in Spartanburg, SC who own and manage businesses. We have four QuickBooks Pro Advisors on staff, all ready and able to help.
Professional Tax & Accounting Services
Accounting Resources
We have listed a few accounting and tax websites that you will find helpful and informative.
