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 [...]
Uncovering Hidden Assets in a Divorce
These days, marriage can be a complex venture, and when it dissolves, sorting out the finances can be difficult. Even in amicable divorces, the financial entanglements can be complicated. And [...]
The tax deadline is almost here: File for an extension if you’re not ready
The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to gather your tax information by the [...]
6 Factors to Classify Workers as Employees or Independent Contractors
In January 2024, the U.S. Department of Labor (DOL) issued its long-awaited final rule related to employment status under the Fair Labor Standards Act (FLSA). The new rule carves out [...]
Update on Retirement Account Required Minimum Distributions
If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. [...]
Installment Sales Can Be a Win-Win for Buyers and Sellers
For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is deferred until after the end of the tax year [...]
A job loss is bad but the tax implications could make it worse
Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid [...]
Do You Qualify as Head of Household
The head of household (HOH) federal tax filing status is often misunderstood by taxpayers who might qualify, including single, divorced or legally separated parents, and taxpayers who support adult family [...]
Tax Breaks for Employer-Paid Education Expenses
Is your business struggling with a shortage of skilled workers in today's tight labor market? One possible option is to invest in education programs to upskill your current employees. This [...]
Taking your spouse on a business trip? Can you write off the costs?
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report [...]