The federal income tax rules for depreciating vehicles used for business are complicated. And different rules apply to different categories of vehicles. Special limitations apply to vehicles that are classified as [...]
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer [...]
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 — [...]
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 [...]
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, [...]
If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, [...]