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 [...]
529 College Savings Account: Important Things To Know
Have you set up Section 529 college savings plans for your children or grandchildren? The major advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free and usually state-income-tax-free. But there can be [...]
Planning for Taxable Gains and Losses
What's the difference between capital gains and losses and ordinary gains and losses? The classification will have a major impact on your federal income tax obligations when you sell assets, such as investments, real [...]
Social Security Tax Update: How High Can It Go?
Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax [...]
House Rich But Cash Poor? Consider a Reverse Mortgage Strategy
Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could be a solution with a [...]
Smart Tax Planning Pays Off
If you're financially successful or expect to become so, taxes are or will become one of your biggest expenses — and most people want to minimize their tax obligations. Roughly [...]
Close-Up on Pass-Through Entity Tax Laws
At the start of 2024, three dozen states and New York City already had pass-through entity taxes (PTETs) on their books, with legislation pending in three other states. These types [...]
The Tax Advantages of Including Debt in a C Corporation Capital Structure
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the [...]
Taxes When You Sell an Appreciated Vacation Home
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal [...]
Updated Guidance on Business Vehicle Depreciation
The rules for deducting depreciation expenses on vehicles used for business purposes have been liberalized under current tax law, but they remain complicated. In addition, annual inflation adjustments make allowable depreciation [...]
Get Ready for Due Diligence Long Before a Sale or Merger
It may seem odd, but as soon as you start up a business, you should begin preparing the documentation needed to sell or merge with another enterprise. It may be years [...]
Don’t have a tax-favored retirement plan? Set one up now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For [...]
Bartering is a Taxable Transaction Even if No Cash is Exchanged
If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new [...]