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FMC CPAs, PLLC

Who We Are
Members
Our Team
Founders
Focused on your Financial Success
The Mission
Home
Services
News
Career Center
Student Resources
Contact
(615) 292-3011
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Current FMC Articles

June 1, 2022
FMC CPAs, PLLC

IRA charitable donations: An alternative to taxable required distributions

June 1, 2022
FMC CPAs, PLLC
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.

June 1, 2022
FMC CPAs, PLLC
May 27, 2022
FMC CPAs, PLLC

Proposed regs for inherited IRAs bring unwelcome surprises

May 27, 2022
FMC CPAs, PLLC
Proposed regs for inherited IRAs bring unwelcome surprises

The SECURE Act nixed the “stretch IRA” and replaced it with a new 10-year rule on inherited IRAs. However, subsequent IRS guidance has created confusion about when certain beneficiaries must begin taking distributions.

May 27, 2022
FMC CPAs, PLLC
May 23, 2022
FMC CPAs, PLLC

Let your financial statements guide you to optimal business decisions

May 23, 2022
FMC CPAs, PLLC
Let your financial statements guide you to optimal business decisions

Business owners: Your financial statements might seem like so many numbers organized into rows and columns, but they could very well hold the data points you need to make the right moves this year.

May 23, 2022
FMC CPAs, PLLC
May 17, 2022
FMC CPAs, PLLC

Caring for an elderly relative? You may be eligible for tax breaks

May 17, 2022
FMC CPAs, PLLC
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.

May 17, 2022
FMC CPAs, PLLC
May 10, 2022
FMC CPAs, PLLC

Valuable gifts to charity may require an appraisal

May 10, 2022
FMC CPAs, PLLC
Valuable gifts to charity may require an appraisal

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item of property (or a group of similar items) worth more than $5,000, certain appraisal requirements apply.

May 10, 2022
FMC CPAs, PLLC
May 9, 2022
FMC CPAs, PLLC

After tax day: Take these action steps

May 9, 2022
FMC CPAs, PLLC
After tax day: Take these action steps

The April tax filing deadline has passed, but that doesn’t mean you should push your taxes out of your mind until next year. Here are three tax-related actions that you should consider taking in the near term (if you filed on time and didn’t file for an extension).

May 9, 2022
FMC CPAs, PLLC
May 4, 2022
FMC CPAs, PLLC

Want to turn a hobby into a business? Watch out for the tax rules

May 4, 2022
FMC CPAs, PLLC
Want to turn a hobby into a business? Watch out for the tax rules

Coin collecting, photography, painting, writing, horse breeding and crafts are just some of the hobbies that taxpayers turn into businesses. Can they deduct the losses they incur on their tax returns?

May 4, 2022
FMC CPAs, PLLC
April 28, 2022
FMC CPAs, PLLC

Thinking about converting your home into a rental property?

April 28, 2022
FMC CPAs, PLLC
Thinking about converting your home into a rental property?

In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries potential tax benefits and pitfalls.

April 28, 2022
FMC CPAs, PLLC
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