Excess Business Loss
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 [...]
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 [...]
At what age can you generally start withdrawing from a traditional IRA without a tax penalty? A) 55 B) 59½ C) 62 D) 65 Question 2: Insurance What type [...]
The Tax Cuts and Jobs Act (TCJA) significantly increased the unified federal estate and gift tax exemption through the end of 2025. However, for 2026, it's currently scheduled to [...]
Gambling winnings are taxable It's fun to win money, but don't forget, it is also taxable. But a recent report by the Treasury Inspector General for Tax Administration (TIGTA) [...]
With the 2025 tax year almost here, there's news from the IRS about retirement savings. According to a recent announcement from the tax agency (Notice 2024-80), there will be [...]
If you’ve reached age 70½, you can make cash donations directly from your IRA to IRS-approved charities. These qualified charitable distributions (QCDs) may help you gain tax advantages. QCD [...]
As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect [...]
As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity [...]
Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding [...]
The Tax Cuts and Jobs Act (TCJA) dramatically increased the unified federal gift and estate tax exemption from $5.49 million in 2017 to $13.61 million in 2024. If you're married, [...]
Real estate can be an attractive long-term investment. But the legal entity you select to own property can have important tax implications. Here's why single-member limited liability companies (SMLLCs) are [...]
Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply [...]
Savings bonds are purchased by many Americans, often as a way to help fund college or show their patriotism. Series EE bonds, which replaced Series E bonds, were first [...]
Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are [...]
Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you don’t have enough federal tax withheld from [...]