If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the [...]
Contracts are part of everyday business, whether it's the minuscule print on the back of a credit card bill or an agreement to buy office furniture. With your customers, contracts [...]
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone [...]
When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In [...]
Despite its name, the "kiddie tax" is anything but child's play. If you're not careful, this provision of the tax code can result in children having to pay significant extra [...]
If you’re 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be [...]
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in [...]
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records [...]
Many retirees have seen their Social Security benefits increase in 2023 due to a cost-of-living adjustment that was higher than in past years. Further increases are expected for 2024. While [...]
One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to [...]
If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements [...]
When you got married, you knew it was for "better or worse." But you might not know about laws that hold you responsible if your spouse cheats on a tax [...]
Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may [...]
If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about [...]
The statute of limitations for the IRS to audit your tax return is typically three years. It begins on the later of: 1) the due date for your tax return [...]