The Tax Score of Winning
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the [...]
Financing the Growth of Your Business
Business activity ground to a halt in many areas during the pandemic. Fortunately, the Paycheck Protection Plan (PPP) program and other relief programs rescued many small enterprises from financial crisis. If [...]
What to Look for in Personal Finance Apps
Since Apple launched its iPhone App Store more than a dozen years ago, the mobile applications market has exploded. While many of these apps are games and social media programs, an [...]
ABLE Accounts May Help Disabled or Blind Family Members
There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re [...]
Lowdown on Federal Tax Proposals for Individuals and Businesses
The U.S. Department of Treasury released its "Green Book" in May entitled, "General Explanation of the Biden administration's Fiscal Year 2022 Revenue Proposals." It contains detailed information about President Biden's proposed [...]
Six Education Tax Breaks on the Books
It costs a pretty penny to send a child to college or private school these days. But at least the federal tax code may provide some relief, within certain limits. Can [...]
Vacation Home: How Is Your Tax Bill Affected If You Rent It Out?
If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can [...]
Communication Is Critical During Mergers and Acquisitions
Want to enter a market quickly, expand market share, or acquire an established brand? The first phrase that comes to mind is mergers & acquisitions. That can be a quick way [...]
How to Pay Retiree Health Costs Tax-Free
If you own a small business, you may have set up a defined benefit pension plan for you and your employees that will provide a specific amount of retirement income based [...]
Building Your Legacy
The desire to leave a legacy may be the height of altruism for it's a gift to the future, the benefit of which you may never witness, nor ever feel it's [...]
Following Up on Coronavirus-Related Distributions from IRAs
If you were adversely affected by the COVID-19 pandemic, you may have taken a tax-favored coronavirus-related distribution (CVD) from a traditional IRA last year. This privilege was allowed under the CARES [...]
Let’s Dig into the Details of the Home-Sale Gain Exlcusion
Before you sell your home, consider the tax consequences. There are some subtle nuances to the home-sale gain exclusion. (See "Home-Sale Gain Exclusion: Timing Counts" at right.) Here are some scenarios that you [...]
Home-Sale Gain Exclusion
In many areas, residential real estate markets have surged, and some are still surging. In these sellers' markets, big home-sale gains are likely. That's great news if you're a seller — [...]
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 [...]