Factor in Taxes If You’re Relocating to Another State in Retirement
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more [...]
Be Careful When Saving for Your Childs’ Education
Here's a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving moves you make now could hurt your student's chances for getting financial aid later. [...]
How Much Does the IRS Let Delinquent Taxpayers Live On?
The IRS uses "Collection Financial Standards" to help determine a taxpayer's ability to pay a delinquent tax liability. Allowable living expenses include those that meet the test of being necessary to provide for [...]
How Fast Can You Write Off a Business Vehicle?
The federal income tax rules for depreciating vehicles used for business are complicated. And different rules apply to different categories of vehicles. Special limitations apply to vehicles that are classified as [...]
Navigating the Tax Landscape When Donating Works of Art to Charity
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer [...]
Tax Depreciation Rules for Business Automobiles
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles [...]
The Tax Score of Winning
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the [...]
Financing the Growth of Your Business
Business activity ground to a halt in many areas during the pandemic. Fortunately, the Paycheck Protection Plan (PPP) program and other relief programs rescued many small enterprises from financial crisis. If [...]
Lowdown on Federal Tax Proposals for Individuals and Businesses
The U.S. Department of Treasury released its "Green Book" in May entitled, "General Explanation of the Biden administration's Fiscal Year 2022 Revenue Proposals." It contains detailed information about President Biden's proposed [...]
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. Can [...]
Vacation Home: How Is Your Tax Bill Affected If You Rent It Out?
If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can [...]
Do Not Take Tax Chances on Gambling
At the slots or online, remember to keep records. Gambling at the casino or the racetrack can be entertaining for many people. If you're one of them, you should obviously risk [...]
Communication Is Critical During Mergers and Acquisitions
Want to enter a market quickly, expand market share, or acquire an established brand? The first phrase that comes to mind is mergers & acquisitions. That can be a quick way [...]
How to Pay Retiree Health Costs Tax-Free
If you own a small business, you may have set up a defined benefit pension plan for you and your employees that will provide a specific amount of retirement income based [...]
Let’s Dig into the Details of the Home-Sale Gain Exlcusion
Before you sell your home, consider the tax consequences. There are some subtle nuances to the home-sale gain exclusion. (See "Home-Sale Gain Exclusion: Timing Counts" at right.) Here are some scenarios that you [...]