Wander CPA

Payroll for Production

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In the pulsating rhythm of the entertainment industry, where creativity meets precision, establishing a well-defined payroll calendar is akin to orchestrating harmonies for a seamless production. A consistent payroll schedule isn’t just a logistical necessity; it’s a strategic move that resonates with the well-being of the entire crew, contributing to a positive and motivated working […]

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Decoding Financial Success: The Cost Report

The Significance for Media Producers, Big and Small: In the ever-evolving landscape of media production, from blockbuster films to bite-sized social media videos, a fundamental understanding of financial tools is paramount. Among these tools, the “Cost Report” takes center stage, offering crucial insights for movie, film, and television producers, as well as those venturing into

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Life Insurance Section 7702

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In 1984, when Section 7702 was enacted, Insurance carriers were required to provide at least 4% guaranteed interest rate of return. This could be net of reasonable carrier expenses. Since the reduction of interest rates (Moody’s AA corporate Bond Yield went from 12% in the 80’s to 2-3%), Section 7702 required from 4% to 2%.

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Tax-Saving Tips – April

Know the $75 Rule for Business Expenses The $75 rule applies to certain business expenses where you do not need a receipt. But we emphasize that this rule does not apply to all tax deductions. Many taxpayers mistakenly apply the $75 rule to all their tax deductions, which can result in a significant loss of

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Tax-Saving Tips – March

Holding Real Property in a Corporation: Good or Bad Idea? As the real estate market has cooled off in many parts of the country, investing in property may seem wise in the long run. But taxes can be a significant concern. Owning real estate in a C corporation may not be wise when considering taxes

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Tax-Saving Tips – February

2023 Health Insurance for S Corporation Owners: An Update Here’s an update on the latest developments in 2023 health insurance for S corporation owners. As a more-than-2-percent S corporation owner, you are entitled to some good news when it comes to your health insurance. To ensure that your health insurance deductions are in order, and

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Tax-Saving Tips – January

When Cancellation of Debt (COD) Income Can Be Tax-Free You may have noticed that the IRS is in a bad way. Sometimes debts can pile up beyond a borrower’s ability to repay, especially if we are heading into a recession. But lenders are sometimes willing to cancel (forgive) debts that are owed by financially challenged

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Tax-Saving Tips – December

Michael Wander, Wander CPA

$80 Billion to the IRS: What It Means for You You may have noticed that the IRS is in a bad way. It has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the agency on the phone. Congress noticed and took action by passing a massive funding of

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