You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92…
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures.…
If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But…
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow…
If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some…
One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial…
If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may…
If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation…
A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual…
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you…
If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and…
Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time,…
If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most…
April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in…
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re…
It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an…
Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment,…
Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This…
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For…
If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a…
Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the…
If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still…
If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit…
Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A…
Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable…
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons.
Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early…
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual…
The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting…
With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers…
If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved…
If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new…
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of…
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used…
If you own a home and rent it to a relative, you may be surprised to find out there could be tax…
If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been…
Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer…
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind…
If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch…
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is…
As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional…
If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of…
These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes…
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some…
Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner… An owner…
Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe…
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to…
Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim…
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide…
