Elgin Area Chamber Of Commerce: February News From PKF Mueller

Press release from the Elgin Area Chamber of Commerce:

February 08, 2022

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PKF Mueller Email Firm Tax Implications of Student Loan Debt Relief Many people have incurred student loan debts. But some are fortunate enough to have their loans discharged or paid off by employers. If you're one of the lucky ones, be aware that cancellation of student loan debt will result in taxable income, unless an exception applies. Here's an overview of the federal income tax rules that apply in these situations. Due Diligence Considerations when Buying a Business If you're in the market to buy a business, how the deal is structured can have a major impact on the due diligence that's needed to protect against known and unknown liabilities. Purchasing the assets in bulk may help reduce your exposure to liabilities, but there may be tax and financial reasons to purchase an ownership interest in the target business instead. Here's an overview of possible due diligence procedures to consider. Rx for Itemizing Medical Expenses Congress increased the threshold for deducting medical expenses on your personal tax return. Here are more details on these itemized expenses, including a checklist of medical, dental and vision care items to consider when compiling your annual expenses for tax purposes. Keep Your Gear in Top-Notch Condition and Save Money Stop wasting money on expensive service contracts to maintain your company's equipment, vehicles and unnecessary insurance. This article is a quick guide to tapping maintenance and automobile repair skills of your employees you can use after hours for some extra compensation. This can help keep the firm running smoothly without spending an arm and leg.  How To Monetize Receivables When Payors Are Slow Many business owners encounter difficulties obtaining prompt payment from customers. When things get really tough, an owner might want to consider monetizing his or her receivables. This article describes two ways to do so. A sidebar addresses the difficult issue of dealing with delinquent debt.

This press release was produced by the Elgin Area Chamber of Commerce. The views expressed here are the author’s own.