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 [...]
Year-End Bonuses: Tax Issues for Employers and Employees
The holidays are often referred to as "the most wonderful time of year" — and, for some people, that's due in part to their year-end bonuses. While bonuses are an important [...]
What You Need to Know About Restricted Stock Awards and Taxes
Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most [...]
Year-End Tax Planning Tips for Individuals
As the holidays approach, it's time to consider tax planning moves that will help lower this year's tax bill, as well as set you up for tax savings in future [...]
Contributing to Your Employer’s 401(k) Plan: How It Works
If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a [...]
Facing a Future Emergency: Two New Tax Provisions May Soon Provide Relief
Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional [...]
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 [...]