Summer Wedding and your Taxes
Information courtesy of IRS A summer wedding can affect your taxes. Know the tax issues that come along with marriage. Name change. The names and Social Security numbers on your [...]
To deduct business losses, you may have to prove “material participation”
You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses are generally “passive” and can only [...]
3 mutual fund tax hazards to watch out for
Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s. But if [...]
Homeowners save with green tax credits
The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, [...]
Do your Charitable Donations Qualify as a Deduction?
Woman Donating Clothes Giving to charity can provide you with a warm feeling as well as a nice tax break. But you've got to itemize deductions on your [...]
Relief from Student Loan Debt and the Tax Implications
Today's college students often leave school with an overwhelming amount of debt. In some cases, student loans are discharged (also known as being cancelled or forgiven). In other cases, these [...]
Students working in the Summer and Taxes
Information from IRS.gov Here are some tips for students with summer jobs: Withholding and Estimated Tax. If you are an employee, your employer normally withholds tax from your paychecks. If [...]
Awards of RSUs can provide tax deferral opportunity
Executives and other key employees are often compensated with more than just salary, fringe benefits and bonuses: They may also be awarded stock-based compensation, such as restricted stock or stock [...]
Be Realistic When Pricing Your Business
As part of your exit strategy or your estate plan, let's say your team of advisers has helped you determine that selling your business will help you best achieve your [...]
Child and Dependent Care Credit
Information courtesy of IRS.gov Day camps are common during the summer months and many parents enroll their children in a day camp or pay for day care so they can [...]
Throw a company picnic for employees this summer and enjoy larger deductions
Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost [...]
Finding the right tax-advantaged account to fund your health care expenses
With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement [...]
Combine business travel and a family vacation without losing tax benefits
Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if [...]
Midyear Tax Planning Inspired by PATH Act
Couple Calculating Budget Numerous tax breaks have been retroactively expanded for 2015 and beyond — or, in some cases, been made permanent — under the Protecting Americans from [...]
Stock market volatility can cut tax on a Roth IRA conversion
This year’s stock market volatility can be unnerving, but if you have a traditional IRA, this volatility may provide a valuable opportunity: It can allow you to convert your traditional [...]