Maximize Your Year-End Giving With Gifts That Offer Tax Benefits
As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity [...]
Is Your Money-Losing Activity a Hobby or a Business?
Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree [...]
Unlock Your Child’s Potential By Investing in a 529 Plan
If you have a child or grandchild planning to attend college, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code [...]
Understanding your obligations: Does your business need to report employee health coverage?
Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding [...]
Make year-end tax planning moves before it’s too late!
With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first [...]
It’s Time to Think About Today’s Favorable Gifts and Estate Tax Rules
The Tax Cuts and Jobs Act (TCJA) dramatically increased the unified federal gift and estate tax exemption from $5.49 million in 2017 to $13.61 million in 2024. If you're married, [...]
Are You Unfairly Burdened By a Spouse’s Tax Errors? You May Qualify for “Innocent Spouse Relief”
Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. The reason for [...]
Cash or accrual accounting: What’s best for tax purposes?
Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that [...]
10 Tax Breaks to Consider on Extended Returns
If you requested an extension for your 2023 federal income tax return, you have until six months from the original due date — October 15, 2024, to be exact — [...]
Estate Planning in Divorce: Don’t Put It Off
Going through a divorce can be a traumatic experience — not to mention a time-consuming and expensive one. So it's no surprise that separating couples often overlook the impact of [...]
Six Tax Issues to Consider If You’re Getting Divorced
Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are [...]
Do you owe estimated taxes? If so, when is the next one due?
Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you don’t have enough federal tax withheld from [...]
Consider Borrowing From Your Corporation But Structure the Deal Carefully
If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to [...]
Transfer Pricing Rules for International Businesses
If your business is expanding its geographical footprint beyond state or U.S. borders, it's important to understand the transfer pricing rules. In a nutshell, transfer pricing refers to cross-border pricing [...]
Watch Out for Unfavorable ‘Related Party’ Rules
Beware of the tricky "related party" tax rules if you are considering buying or selling business assets or an ownership interest (corporate stock or a partnership or LLC interest).The Internal Revenue [...]