The Tax Implications of Being a Winner
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning [...]
It’s a Good Time to Buy Business Equipment and Other Depreciable Property
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified [...]
How to Structure a Business Asset Purchase with Taxes in Mind
Taxes are a major consideration in mergers and acquisitions (M&As). The parties generally can structure a business purchase as either: An asset purchase. The buyer can purchase all or some of the [...]
You May Have To Pay Tax on Social Security Benefits
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may [...]
If Your Kids Are Off to Day camp, You May Be Eligible for a Tax Break
Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible [...]
How a Budget Can Contribute to Your Success
One reason many people disdain the budgeting process is that they associate budgets with restraint — that is, not spending money for something because it's not in the budget. However, [...]
2019 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may [...]
Donating Your Vehicle to Charity May Not Be A Tax-wise Decision
You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not [...]
Tax Issues When Winding Up the Estate of a Loved One
When a loved one who was "financially comfortable" passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding [...]
Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local [...]
Beware: M&A Activity Can Trigger Unexpected Tax Issues
The IRS has an Employee Plans Team Audit (EPTA) program to enforce the tax rules for employee benefit programs in large companies. According to the tax agency, one of the [...]
Selling Your Home? Consider These Tax Implications
Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac [...]
Hiring Minors to Work at Your Company? Know the Rules
Hiring young people can be beneficial for all parties. But before you make any job offers, be fully aware of how youth employment is regulated under the Fair Labor Standards [...]
Plug In Tax Savings for Electric Vehicles
While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re [...]
Tying the Knot With Another Company
Acquiring another company and merging it with your business can be the most efficient way to grow. But many acquisitions don't pay off and it's often management issues — not [...]