Deposit Interest into Five Tax Buckets
Interest rates rise and fall periodically, but the tax rules for deducting interest expenses remain the same — unless Congress changes them. Generally, the current rules have been in place [...]
4 Ideas That May Help Reduce Your 2023 Tax Bill
If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year [...]
Key 2024 Inflation-Adjusted Tax Parameters for Small Businesses and Their Owners
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and [...]
Don’t Forget to Empty Out Your Flexible Spending Account
If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may [...]
11 Exceptions to the 10% Penalty Tax on Early IRA Withdrawals
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this [...]
Planning a Graceful and Profitable Exit from Your Small Business
At some point, every business owner leaves the company, either voluntarily through retirement or otherwise. Some businesses will outlive their founders. Others can't survive without the continued involvement of a [...]
Crypto Losses Are Currently Exempt from the Wash Sale Rule
The IRS classifies cryptocurrencies as property rather than securities. So, the wash sale rule doesn't apply if you sell a cryptocurrency holding for a loss and acquire the same [...]
Beware of the Wash Sale Rule When Harvesting Tax Losses
If you lose money on a stock investment in a taxable brokerage firm account, the good news is that you can usually harvest a tax-saving capital loss deduction by selling that [...]
Business Automobiles: How the Tax Depreciation Rules Work
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply [...]
The Tax Implications of Renting Out a Vacation Home
Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, [...]
Casualty Loss Tax Deductions May Help Disaster Victims in Certain Cases
This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes, and other disasters. No matter where you live, unexpected disasters may cause damage to your home [...]
What are the tax implications of winning money or valuable prizes?
If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! After you celebrate, be aware that there are tax consequences attached to your good fortune. [...]
What’s the Proper Tax Treatment for Intangible Assets?
Intangible assets have become increasingly vital to the value of many companies. While their benefits may be obvious to business owners, their tax treatment often isn't. Taxpayers may be surprised [...]
Operating a “Sale Ready” Business
Smart business owners always operate as if they're planning to sell — because they never know when someone will come along with an irresistible offer or when tragedy might [...]
New Upcoming Requirement for Businesses that Receive Large Amounts of Cash
Does your business receive large amounts of cash or cash equivalents? If so, you're generally required to report these transactions to the IRS — and not just on your tax return. [...]