Self Employment Tax Facts
Do you owe self-employment (SE) tax on non-wage income that you collect only occasionally or in a one-off circumstance? Some sources of income may not be subject to the dreaded SE [...]
Using Your 401(k) Plan to Save This Year and Next
You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a [...]
Tax Planning for a Home in the Event of Divorce
For many people, the federal home sale gain exclusion is the single most valuable tax break available. But if you're getting divorced and selling a home, you may need to [...]
Multi-state Resident? Watch Out for Double Taxation
Contrary to popular belief, there's nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits [...]
Six Education Tax Breaks on the Books
It costs a pretty penny to send a child to college or private school these days. But at least the federal tax code may provide some relief, within certain limits. [...]
Selling Securities by Year End? Avoid the Wash Sale Rule
If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule. How [...]
Don’t Overlook a Roth IRA if You Are Self-Employed
Saving for retirement on a tax-advantaged basis should be on nearly everyone's financial "to do" list. Making contributions to a Roth IRA is one tax-wise way to save, because you [...]
Reap Tax Rewards from Year-End Harvesting
The stock market has experienced plenty of ups and downs this year. So, some investors are poised to take big gains for 2019, while others are currently showing losses and many [...]
Understanding and Controlling the Unemployment Tax Costs of Your Business
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed [...]
Tax-Favored Employee Fringe Benefits: What’s the Right Mix for Your Business?
Job applicants look at more than just wages when evaluating potential employers. They consider the whole compensation package, including fringe benefits and perks. These add-ons enable employers to cast a [...]
Changing Jobs? What Will Become of Your 401(K)
Most private sector employers, for better or worse, put you in the driver's seat when it comes to saving for retirement. If you're a genuinely savvy and diligent investor, you might [...]
Combinations for Growth: Mergers & Acquisitions
If your company has decided the best way to grow is to expand your ownership boundaries, you are probably considering either a merger or an acquisition. Both are convenient, quick [...]
Bonus Depreciation for Your Business: Review Your Options
First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more generous, but temporary, rules for 2018 through 2026. Recent [...]
Take Advantage of the Gift Tax Exclusion Rules
As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes [...]