Your Estate Plan: Don’t Forget About Income Tax Planning
As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much [...]
2022 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may [...]
Is it a good time for a Roth conversion?
The downturn in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA, this decline may provide a valuable [...]
The Ins and Outs of Series EE Savings Bond Taxation
Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on occasional trips to [...]
How Tax Reform Affects Divorce Settlements for Small Business Owners
How does the Tax Cuts and Jobs Act (TCJA) affect divorce settlements? Changes in the new law may require divorcing individuals — especially those who own businesses and other investments — [...]
If You Are Caring for an Elderly Relative, You May Be Eligible for Tax Breaks
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. [...]
IRA Charitable Donations: An Alternative to Taxable Required Distributions
Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an [...]
What Should You Do if You’ve Picked the Wrong Successor for Your Family Business?
Determining the right successor for your family business can be more complex than it first appears. Sometimes what looks good on paper doesn't play out well in reality. When the time [...]
Tax Season Filing Tips
Did you know that tax return errors can delay refunds and increase audit risk? Before your tax return preparation appointment, make sure you've gathered all 2021 tax documents received, such [...]
Valuable gifts to charity may require an appraisal
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right [...]
Tax Issues When SELLING a Business With an Earnout
When a business is sold or purchased, the transaction might involve an earnout provision. This is a contractual arrangement in which the seller receives additional payment in the future if certain [...]
The Tax Mechanics Involved in the Sale of Trade or Business Property
What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to [...]
Thinking About Converting Your Home Into a Rental Property?
In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the [...]
What are the tax implications of selling mutual fund shares?
If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million [...]
Things to Consider Once Your Tax Return Is Filed
The tax filing deadline for 2021 tax returns was April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some [...]