Planning for Year-End Gifts With the Gift Tax Annual Exclusion
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the [...]
You Can Only Claim A Casualty Loss Tax Deduction in Certain Situations
In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home [...]
Getting a Divorce? Be Aware of Tax Implications If You Own a Business
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, [...]
Scholarships Are Usually Tax Free But May Result in Taxable Income
If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, [...]
5 Possible Tax Aspects of a Parent Moving Into a Nursing Home
If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term [...]
The Deductibility of Corporate Expenses Covered By Officers or Shareholders
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer [...]
Should You Consider an Employer Roth 401(k) Account?
Nowadays, many employer retirement plans give employees the option of contributing to designated Roth accounts (DRAs). According to a 2020 survey, 75% of employer plans now offer DRAs, which are also [...]
Curtailing Tax Surprises With Cryptocurrency
As investing in Bitcoin, Dogecoin and other cryptocurrencies becomes increasingly popular, investors need to understand the potential tax ramifications. Unlike traditional currency, the IRS views cryptocurrency as property for federal income tax [...]
There’s currently a “Stepped-Up Basis” If You Inherit Property — But Will It Last?
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market [...]
Can Taxpayers Who Manage Their Own Investment Portfolios Deduct Related Expenses
Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 [...]
Deadline Coming: Follow Up on Your PPP Loans
Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 [...]
Qualifying for Tax Breaks for a Dependent Parent
For many families, the tables may turn, and adult children provide financial support for their parents. For example, you might have moved your in-laws from a long-term care facility into your [...]
Spotlight on Executive Compensation in Divorce
Executive compensation can become an issue for private companies and their owners, especially if an owner is getting divorced. Owning a business complicates the divorce process. When either spouse owns a private business interest, [...]
Notify the IRS if You Change Your Address
It's important to notify the IRS if you move and change your address. Under tax law regulations, a taxpayer's last known address is the one that appears on the tax return you [...]
IRS Audits May Be Increasing, So Be Prepared
The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage [...]