When Can Seniors Deduct Medicare Premiums on Their Tax Returns?
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 [...]
Reduce the Impact of the 3.8% Net Investment Income Tax
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 [...]
Being a Gig Worker Comes With Tax Consequences
In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive [...]
Estimating the Value of Your Business Today
Proactive business owners always have an eye on the future. And part of that preparedness means knowing what the company is currently worth and doing everything possible to maximize that [...]
Thinking about Selling Your Business? Add Value Now
Business succession and exit planning should ideally be done over a long period of time (unless illness or another emergency makes it necessary to address them in the short term). [...]
Steps to Help Avert Sabotage by Former Employees
Termination can be painful, whether it's for cause or part of a business slump that you can't avoid. Employees who are fired or laid off often have negative feelings about [...]
Resist the Urge to Purge after Filing Your 2022 Tax Return
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 [...]
Workouts: A Practical Alternative to Formal Bankruptcy Proceedings
Is your company teetering on the edge of bankruptcy? In the wake of the pandemic, many small businesses are suffering financial distress from inflation, labor shortages, rising interest rates, tighter [...]
Paperwork You Can Yoss After Filing Your Tax Return
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to [...]
4 Warning Signs of Financial Distress
Financial problems rarely happen overnight. Early detection increases the chances of a successful turnaround. Here are four red flags to watch out for: Late financial statements. When financials are delayed, [...]
Awarded Money in a Lawsuit or Settlement? It’s Only Tax-Free in Certain Circumstances
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal [...]
Update on Deducting Business Meal and Entertainment Expenses
The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you're confused about what rules currently apply, you're not [...]
Two Important Tax Deadlines Are Coming Up — and They Don’t Involve Filing Your 2022 Tax Return
April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: [...]
Tax Law Changes that Could Affect Your Business Return
Every tax season, business owners must familiarize themselves with tax law changes that went into effect for that tax year. Fortunately, businesses don't have to contend with sweeping changes for [...]
The 2022 Gift Tax Return Filing Deadline Is April 18
Did you give large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. [...]