The Inflation Reduction Act: what’s in it for you?
You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near [...]
An “Innocent Spouse” May Be Able to Escape Tax Liability
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the [...]
Avoiding the 10% Penalty On Early IRA Withdrawals
For one reason or another, you may need to take some money out of an IRA before reaching retirement.* You can withdraw money from an IRA at any time and [...]
What You Need to Know About Taxes and Gig Work
The COVID-19 pandemic has seen an expansion of the so-called "gig economy," also known as the sharing or access economy. According to the Pew Research Center, 16% of U.S. workers [...]
Estimated Tax Payments: Who Owes Them and When Is the Next One Due?
If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive [...]
Is Your Withholding Adequate? Here’s How to Check
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen [...]
Always Question Owner’s Compensation in Divorce
Divorce is more complicated when either spouse owns a private business interest. In these cases, a settlement is only as reasonable as the value of the business and the compensation [...]
The kiddie tax: Does it affect your family?
Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your [...]
How Tax Reform Affects Divorce Settlements for Small Business Owners
How does the Tax Cuts and Jobs Act (TCJA) affect divorce settlements? Changes in the new law may require divorcing individuals — especially those who own businesses and other investments — [...]
If You Are Caring for an Elderly Relative, You May Be Eligible for Tax Breaks
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. [...]
IRA Charitable Donations: An Alternative to Taxable Required Distributions
Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an [...]
The Tax Mechanics Involved in the Sale of Trade or Business Property
What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to [...]
What are the tax implications of selling mutual fund shares?
If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million [...]
Tax Rules of Renting Out a Vacation Property
Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the [...]
Defer Tax With a Like-Kind Exchange
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” [...]