Can You Deduct Student Loan Interest On Your Tax Return?
The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you [...]
A Tax-Smart Way to Develop and Sell Appreciated Land
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels, and sell them off for a hefty profit, it [...]
What Can You Do to Lower Your 2023 Tax Obligation?
It's hard to believe that 2023 is already half over. Although summer is a time for vacations and relaxing in the backyard, you can't afford to take a break from [...]
Be Sure Your Due Diligence Is Thorough
Comprehensive due diligence is essential if your business plans to acquire or merge with another organization. Without one, complicated implications could arise with the potential to significantly affect the profits [...]
Retirement Account Catch-up Contributions Can Add Up
If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). Is it worth the trouble? Yes! Here are the rules of [...]
Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the [...]
Disclaim Responsibility in Contracts
Contracts are part of everyday business, whether it's the minuscule print on the back of a credit card bill or an agreement to buy office furniture. With your customers, contracts [...]
That Text or Email From the IRS Is A Scam!
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone [...]
Poor Planning Can Lead to Double Taxation of Trusts
Different states have different rules for determining whether a trust is a "resident" for income tax purposes. State tax liability can depend on the location of settlors, trustees or beneficiaries. [...]
The Trust Fund Recovery Penalty: Who Can It Be Personally Assessed Against?
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk of paying personally. The Trust Fund Recovery Penalty (TFRP) [...]
Cutting the Kiddie Tax Down to Size
Despite its name, the "kiddie tax" is anything but child's play. If you're not careful, this provision of the tax code can result in children having to pay significant extra [...]
Reduce the Impact of the 3.8% Net Investment Income Tax
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in [...]
M&A Reminder: Earnouts Bring Critical Tax Considerations
Merger and acquisition (M&A) activity is widely expected to pick up this year, after a lull in 2022. Amid economic uncertainty, earnouts are likely to play a big role in [...]
Keep These DOs and DON’Ts In Mind When Deducting Business Meal and Vehicle Expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records [...]
Being a Gig Worker Comes With Tax Consequences
In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive [...]