How To Be Ready To Secure a Business Bad Debt Deduction on Your 2023 Tax Return
Is your business having trouble collecting payments from clients or vendors? You might be able to claim a bad debt deduction on your tax return.
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The Ins and Outs of the Home Office Deduction
If you’re self-employed and run your business from home, or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.
Buy-Sell Agreements Require Careful Planning
Does your business have multiple owners? If so, you need a buy-sell agreement.
Minimizing Capital Gains Tax on Sale of a Home
If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale.
Is Your College Student’s Scholarship Taxable?
May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child’s scholarships are taxable, here is what you should know.
Avoiding a Tax Surprise When Retiring Overseas
Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications.
Saving for Education: Understanding 529 Plans
A Section 529 program can be an especially attractive estate-planning move for grandparents. There are no income limits, and the account owner giving up to $85,000 ($80,000 in 2022) avoids gift tax and estate tax by living five years after the gift, yet has the power to change the beneficiary.
Federal Tax Returns: Should You File an Extension?
Obtaining a six-month extension to file is relatively easy, and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your federal income tax return this year, here’s what you need to know. What Is an Extension of Time to File? An extension of…
What To Do if You’re Missing Important Tax Documents
As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2022 earnings…
What Businesses Need To Know About the Excise Tax
Excise tax is an indirect tax on specific goods, services, and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco, and other goods and services. This tax is commonly included in the cost of the product. While the end…
Businesses: Important Tax Changes in 2023
Here’s what small business owners need to know about tax law changes and inflation adjustments for the year ahead. Standard Mileage RatesIn 2023, the rate for business miles driven is 65.5 cents, up 3 cents from the midyear increase setting the rate for the second half of 2022 Section 179 ExpensingIn 2023, the Section 179…
Individual Taxpayers: The Year in Review
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022. Personal ExemptionsPersonal exemptions are eliminated for tax years 2018 through 2025. Standard DeductionsThe standard deduction for married couples filing a joint return in 2022 is $25,900. For singles and married…
Tips for Avoiding an IRS Tax Audit
Although the chances of taxpayers being audited have declined in recent years, with taxes becoming more complicated every year, there is always the possibility that a tax mistake turns into an IRS tax audit. Avoiding “red flags” like the ones listed below could help. Claiming Business Losses Year After Year When you operate a business…
Use These Strategies To Pass on Wealth to Heirs
Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free and minimize estate taxes.
Donor Advised Funds
A Donor-advised fund is an efficient tax planning tool for high-net-worth taxpayers interested in charitable giving.
Payroll Classification Issues: W-2 vs Independent Contractors
It is crucial to understand the difference between Independent Contractors and W2 earning employees.
The SECURE Act – IRAs and Estate Planning
…the SECURE Act requires all distributions to be made within ten years of death to a designated beneficiary for any account holder who passes away after December 31, 2019.
Understanding the American Rescue Plan Act – Tax Credits
“The IRS will make advance payments of the 2021 Child tax credit from July through December to all eligible taxpayers. Eligible taxpayers do not need to do anything other than file their 2020 tax returns to receive these payments.”
CARES Act: Information for Individual Taxpayers
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the stimulus bill that was signed into law on March 27, 2020, contains legislation to stabilize the economy during the coronavirus pandemic.
Relief for Other Coronavirus-related Tax Issues
Relief for taxpayers facing the challenges of COVID-19-related tax issues is now available through the IRS People First initiative.
Tax Breaks Help Small and Medium-sized Employers
Small and medium-sized employers can begin taking advantage of two new refundable payroll tax credits, designed to reimburse them for the cost of providing coronavirus-related leave to their employees.
Tax Returns & Estimated Taxes Now Due July 15
Due to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
Watch Out for Coronavirus-related Scams
Taxpayers should be on the lookout for calls and email phishing attempts regarding the Coronavirus, or COVID-19 that could lead to tax-related fraud and identity theft.
Small Business: Tips for Ensuring Financial Success
You can’t let your business run on autopilot and expect good results…
Tax Preparation vs. Tax Planning
Many people assume tax planning is the same as tax preparation but the two are actually quite different. Let’s take a closer look…
New Tax Rules for Divorce and Alimony Payments
Tax rules regarding divorce and separation can and do change…