Changes lie ahead for two fundamental elements of individual tax planning: personal exemptions and the standard deduction. This brief article clarifies key amounts for both the 2017 tax year and for 2018 through 2025....
A growing number of businesses have been victimized by W-2 phishing scams by which criminals trick business owners or employees into divulging sensitive personal data. This article explores how the crime works and what employers can do to stop it....
Business owners who go shopping for company assets this year should brush up on the enhanced bonus depreciation tax breaks created under the Tax Cuts and Jobs Act passed late last year. This article explains how the rules differ under previous tax law and the...
The Tax Cuts and Jobs Act, signed into law this past December, has brought great changes to estate planning. In doing so, it bolstered the potential value of dynasty trusts. This article explains why these trusts are well worth considering for tax purposes, while a...
The domestic production activities deduction provides a tax break for certain “domestic production activities.” Unfortunately, many businesses tend to overlook it because they believe the tax break applies only to a few industries. This article points out that the deduction remains available to a wide...
The clock is ticking down to the tax filing deadline. The good news is that individuals may still be able to save on their impending 2017 tax bills by making contributions to certain retirement plans. This article looks at deadlines, limits and phaseout ranges for...
They say one person’s trash is another person’s treasure. This may hold true when it comes to collectibles — those various objects d’art for which many people will pay good money. This article touches on some of the important points regarding how the sale or...
It’s not uncommon for adult children to help support their aging parents. Those in this position might qualify for an adult-dependent exemption on their 2017 tax returns. This article explores the basic qualifications and some important factors related to this tax break....
With conference calls and Web meetings increasingly prevalent, business travel isn’t what it used to be. But many companies still send employees out on the road. This article describes important concepts related to travel, such as travel expenses as a fringe benefit, establishing an accountable...
Many people might not start thinking about filing a tax return until close to this year’s April 17 deadline. But there’s another date to keep in mind: the day the IRS begins accepting 2017 returns in 2018. As this article explains, filing as close to...
Keeping up with the complexity of the Internal Revenue Code is challenging enough for employed individuals. But for owner-employees, the difficulty level is particularly high. This article explains how your business structure determines the rules you must abide by....
Every year, a substantial percentage of weddings aren’t first-time nuptials but second (or subsequent) marriages. This brief article offers four tips to help such partners better manage the situation....
Businesses with employees headed for retirement can provide a helpful service by educating these workers on rules regarding required minimum distributions (RMDs). If violated, these rules could trigger hefty penalties. This article explains RMD requirements for IRAs and 401(k)s. A sidebar looks at other RMD...
