Page 47 - BusinessWest June 27, 2022

Tax Planning
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As a result, the tax benefits of charita- ble donations have been limited to those who itemize their deductions. If the SALT cap is increased or eliminated, the deduction for charitable contributions could be more beneficial. If you are con- sidering more significant contributions, gifting appreciated stuck to qualified charities offers great benefits. You will get a tax deduction for the fair market value and not be taxed on the unrealized gain. Event
Remember, meals and entertain- ment are still 100% deductible.
For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. (The limit is usually 50% of the cost.)Event
Review your accounting methods and records
It’s a great time to look at the books, and make a plan to adjust anything that should be changed while also plan-
Kozub
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“In some of the major cities, like War- saw and Krakow, they’ve seen a 30% to 40% increase in population,” said Kozub, adding that refugees are finding hous- ing in the homes of Polish residents, in churches, camps, and other sites.
As for his planned July trip back to Poland, Kozub said he plans to recon- nect with some of the individuals and families he met at the start of this con- flict, including a young man who reno- vated a 20-unit apartment building in Zyrzyn that is now home to 80 women and children.
“We’re continuing to raise money for them, so I’ll bring some money for that charity,” he said, adding that he also plans to visit — and bring some money to — an orphanage located near the distillery, one that he has been support- ing for several years now, which is now housing orphans from Ukraine.
To further assist refugees, and, spe- cifically, Ukranian Children Foundation, Kozub has created a special label for his original V-One vodka, a project that was fast-tracked, with the label being final- ized in just a few months, rather than the full year that it normally takes.
It was undertaken as Kozub was introducing another new flavor — Dou- ble Espresso — to his growing portfolio, one that is ever-changing and expand- ing to keep pace in the ultra-competitive vodka market.
The March trip to the distillery was undertaken to finalize the recipe for
that new flavor, he said, adding that
the overall process has been slowed by supply-chain issues and huge increases in shipping costs and other expenses — challenges that are making it much more difficult to do business in this industry.
Despite these challenges, Kozub
ning for the future. Many times, unexpected changes come up that can impact
your business and individual taxes that you may not have even considered. For example, will you have any major life changes, such as getting married or hav- ing a baby? Buying a house? Leasing a business vehicle? Hiring more employ- ees? Relocating your business? Spending more than usual on talent acquisition? Investing or accepting cryptocurrency? These changes can have a significant impact on your tax liability.
No matter what changes are ulti- mately enacted into law, the key to suc- cessful tax planning is staying informed and being proactive. By taking the time to understand the potential implications of proposed changes and making strate- gic decisions now, you can help ensure a smooth tax season for yourself and your business in 2022. u
Kris Drzal Houghton is a partner at the Holyoke based accounting firm, Meyers Brothers Kalicka, P.C.
wanted to introduce his new label, a project that was conceived just before his March visit, with the expectation that there would be long-term needs among the refugees.
“It takes about a year to get things done, between the approvals and the printing time, and other issues, but we were able to get it done in three weeks,” he said, adding that the son of one of his employees at the distillery drove 10 hours each way to pick up the labels, which were affixed to 3,000 bottles over- night, in time to get on a container ship.
The special edition bottles should arrive by mid-summer, he said, and he expects them to be sold out by August.
His Best Shot
Like most everyone taking in what’s happening in Ukraine — from a few feet from the border or 4,500 miles away — Kozub has no idea when this conflict will end or how it will end.
What he does know is that there are many people still in need. They are an ocean and then a continent away from V-One’s headquarters in Hadley, but only 100 miles or so from where his vodka is made.
Since setting up shop in Poland, he has been active in that ‘community’
and a source of support for orphans
and others in need. The landscape there has changed dramatically over the past three months, and Kozub has responded accordingly. As he said, it’s personal for him. u
George O’Brien can be reached at [email protected]
WE TALKING CLASSIC ROCK? WE’RE TALKING ROCK 102!
SPRINGFIELD’S CLASSIC ROCK ...AND A LOT OF IT!
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