As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect [...]
If you're buying or selling a business, the transaction may involve an earnout provision. This is a contractual arrangement in which the seller receives additional payment in the future if [...]
The Tax Cuts and Jobs Act (TCJA) brought a significant, albeit delayed, change to the tax treatment of research and experimentation (R&E) costs under Internal Revenue Code Section 174. After [...]
Married people save money by sharing household expenses. But when divorce strikes, the couple's bills may suddenly double. You need to pay two electric bills, two mortgages and (hopefully) two [...]
When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses aren’t the only taxpayers that can deduct driving expenses on their returns. [...]
The "kiddie tax" prevents parents from shifting income-producing assets to children to take advantage of their lower tax rate. It was introduced as part of the Tax Reform Act of [...]
Federal tax brackets for 2025 Federal income tax brackets show how much you owe on each part of your “taxable income,” which you calculate by subtracting the greater of the [...]
As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity [...]
Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree [...]
If you have a child or grandchild planning to attend college, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code [...]
Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding [...]
Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in the U.S. was 7.6% in 2023, up from [...]
With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first [...]
Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The [...]
The Tax Cuts and Jobs Act (TCJA) dramatically increased the unified federal gift and estate tax exemption from $5.49 million in 2017 to $13.61 million in 2024. If you're married, [...]