With the 2024 tax year right around the corner, there's good news coming from the IRS. According to a recent announcement from the tax agency (Notice 2023-75), there will be increases [...]
The gift tax exclusion is among the most valuable tools available to transfer assets to family and other loved ones without ending up with an unwelcome tax bill for the [...]
Interest rates rise and fall periodically, but the tax rules for deducting interest expenses remain the same — unless Congress changes them. Generally, the current rules have been in place [...]
If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may [...]
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply [...]
This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes, and other disasters. No matter where you live, unexpected disasters may cause damage to your home [...]
If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! After you celebrate, be aware that there are tax consequences attached to your good fortune. [...]
Intangible assets have become increasingly vital to the value of many companies. While their benefits may be obvious to business owners, their tax treatment often isn't. Taxpayers may be surprised [...]
Does your business receive large amounts of cash or cash equivalents? If so, you're generally required to report these transactions to the IRS — and not just on your tax return. [...]
After receiving a deluge of improper Employee Retention Tax Credit (ERTC) claims, the IRS recently announced an immediate moratorium through at least December 31 on processing new claims for the pandemic [...]
If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final [...]
Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser, or indemnitor of a debt obligation [...]
The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you [...]
It's hard to believe that 2023 is already half over. Although summer is a time for vacations and relaxing in the backyard, you can't afford to take a break from [...]
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone [...]