Taking the Acquisition Route
An acquisition of a target company's stock or assets can help your business expand its operations while maintaining control of the company. With taxable direct purchases, the buyer simply pays [...]
Six Education Tax Breaks on the Books
It costs a pretty penny to send a child to college or private school these days. But at least the federal tax code may provide some relief, within certain limits. [...]
Selling Securities by Year End? Avoid the Wash Sale Rule
If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule. How [...]
Reap Tax Rewards from Year-End Harvesting
The stock market has experienced plenty of ups and downs this year. So, some investors are poised to take big gains for 2019, while others are currently showing losses and many [...]
Understanding and Controlling the Unemployment Tax Costs of Your Business
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed [...]
Year-End Strategies to Reduce AGI
Reducing your current-year adjusted gross income (AGI) is usually a tax-smart idea. Here are ten ways to reduce your AGI (and modified AGI) over the short and long run. Closeup [...]
Use a Coverdell ESA to Help Pay College, Elementary and Secondary School Costs
There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction for [...]
Tax-Favored Employee Fringe Benefits: What’s the Right Mix for Your Business?
Job applicants look at more than just wages when evaluating potential employers. They consider the whole compensation package, including fringe benefits and perks. These add-ons enable employers to cast a [...]
Bonus Depreciation for Your Business: Review Your Options
First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more generous, but temporary, rules for 2018 through 2026. Recent [...]
Take Advantage of the Gift Tax Exclusion Rules
As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes [...]
Uncle Sam May Provide Relief from College Costs on Your Tax Return
We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state [...]
Expenses that Teachers Can and Can’t Deduct on Their Tax Returns
Teachers often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this [...]
The “Kiddie Tax” Hurts Families More Than Ever
Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And [...]
Who Can Deduct Car Expenses on Their Tax Returns
Information courtesy of IRS.gov Taxpayers who have deducted the business use of their car on past tax returns should review whether or not they can still claim this deduction. Here’s [...]