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, [...]
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 [...]
Seniors May be Able to Write Off Medicare Premiums on Their Tax Returns
Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be [...]
Do You Owe the Nanny Tax?
The COVID-19 pandemic has changed the dynamics of many households. In most cases, schools stopped or limited in-person instruction, causing many children to engage in at-home learning. Some families moved disabled [...]
Homeownership and Taxes: Things Taxpayers Should Consider When Selling a House
Info from IRS.gov It’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part [...]
Tax-Favored Ways to Build Up a College Fund
If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage [...]
Beware of Piercing the Corporate Veil – An Avoidable Nightmare for Shareholders
This limited article addresses “piercing the corporate veil,” which refers to the limited circumstances under which the liability shield of a registered legal entity (an LLC or corporation) may be [...]
How the American Rescue Plan Affects 2021 Taxes
Information provided by IRS.gov This is the first of two tax tips providing an overview of how the American Rescue Plan may affect some individual’s 2021 taxes. Child and dependent [...]
Retiring Soon? 4 Tax Issues You May Face
If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and [...]
Hiring Minor Children This Summer? Reap Tax and Nontax Benefits
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with [...]
Taxpayers Should Check Withholding
Info irs.gov Taxpayers should review their federal withholding each year to make sure they're not having too little or too much tax withheld. Employees, retirees and self-employed individuals can use [...]
Due Diligence Considerations for Sellers
You may be able to structure the sale of a corporate business as a tax-free reorganization. However, to be totally tax-free, you generally must receive nothing but stock in the acquiring [...]
Many Parents Will Receive Advance Tax Credit Payments Beginning July 15
Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue [...]
Deductions for Self-Employed
If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you're looking to fulfill a lifelong dream of [...]