Can a Divorce or Separation Affect Your Taxes?
Information from IRS.gov If you are divorcing or recently divorced you need to consider the impact divorce or separation may have on your taxes. Alimony payments paid under a divorce [...]
Put your audit in reverse to save sales and use tax
It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified [...]
Revenue Recognition for Contracts — Changes Coming Soon
Revenue is the top line of your company's income statement. So, it tends to receive a lot of attention from investors, lenders and other stakeholders. Why? Changes in revenue can [...]
Asset vs Stock Sale of Business
Another important question to address when negotiating a sale is whether the deal should be structured as an asset or stock sale. Asset sales. The buyer gets to cherry-pick the [...]
Yes, you can undo a Roth IRA conversion
Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — [...]
Child and Dependent Care Tax Credit May Help Reduce Summertime Costs
The IRS offers cost-saving suggestion. See below: Many parents send their children to summer day camps while they work or look for work. The IRS urges those who do to [...]
Members of the Armed Forces Get Special Tax Benefits
The IRS offers the following information for members of the military: Members of the military may qualify for tax breaks and benefits. Special rules could lower the tax they owe [...]
Business Casualty Losses
What happens if your business property — rather than your personal-use property — is stolen, vandalized or otherwise damaged by an event? The same basic casualty and theft loss rules [...]
Casualty and Theft Loss: Find the Silver Lining
We're in the midst of hurricane season now, but the eastern and southern shores aren't the only parts of the country at risk for catastrophic events. Mudslides, earthquakes and wildfires [...]
Getting Your Business Sale Ready
If you're planning to sell your business in the near future, it's a good idea to "dress" your business for success to help attract the most potential suitors. Here are [...]
Will Congress revive expired tax breaks?
Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there [...]
Review Your Withholding to Avoid Having Too Much or Too Little Federal Income Tax Withheld
Information from IRS.gov Several factors that could affect potential refunds or taxes you may owe in 2018. Reviewing the amount of taxes withheld can help avoid having too much or [...]
A refresher on the ACA’s tax penalty on individuals without health insurance
Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax [...]
3 midyear tax planning strategies for individuals
In the quest to reduce your tax bill, year end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three [...]
3 midyear tax planning strategies for business
Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this [...]