Most people have April 15 “tattooed on the brain” as the deadline for filing their federal income tax returns. What many forget is that the gift tax return deadline is on the very same date. This article explains the filing requirements and why some taxpayers...
The Tax Cuts and Jobs Act created a new tax credit for certain employers that provide paid family and medical leave. Originally, it was available only for the 2018 and 2019 tax years but was recently extended by a new law. This article has the...
Gig workers represent a growing segment of the economy. And no matter what the job or app, they all have one thing in common: taxes. This article explores the distinctive aspects of this type of self-employment. A sidebar points out that gig workers may qualify...
Despite the prevalence of Web-based meetings, many of today’s businesses still have plenty of employees who travel. For companies that reimburse employees on a tax-free basis for travel expenses, it’s important to stay up to date on the rules that determine the location of a...
It’s an awful feeling for anyone to learn that his or her credit or debit card has been used fraudulently. Whether the cardholder is liable typically depends on the type of card, whether he or she still possesses the card and when the card issuer...
Business owners must monitor the cash flow and tax positions of their companies, while also looking out for their own personal financial futures. This article looks at how to lay the foundation for a strong exit strategy using a buy-sell agreement and family-focused succession planning...
This calendar notes important tax deadlines for the first quarter of 2020....
The Tax Cuts and Jobs Act generally reduced individual tax rates through 2025, but some taxpayers have actually seen their taxes go up because of reductions or eliminations of certain tax breaks. This brief article explains why it’s important for taxpayers to know their brackets....
Many people might consider donating their car to charity at year end to start the new year in a fresh ride and get a tax deduction. This brief article urges caution and explains why this strategy doesn’t always work out as intended....
The days of the calendar year are vanishing quickly, but there still may be some last-minute strategies that business owners can use to lower their 2019 tax bills. This article lists five to consider, including postponing invoices and qualifying for the pass-through deduction....
With the dawn of 2020 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2019 ends:...
Many financially savvy individuals are already thinking about filing their tax returns next year. But they shouldn’t overlook another critical and equally important aspect of financial planning: asset protection. This article discusses some fundamental strategies to consider. A sidebar discusses asset ownership structure....
Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to reduce your 2019 tax bill by selling some investments ― you just need to carefully select which investments you sell. Balance gains and losses If you’ve sold investments at a gain this year, consider selling...
Many people dream of retiring early so they can pursue activities other than work. But making this dream a reality requires careful planning and diligent saving during the years leading up to retirement. This brief article touches on some of the fundamental ways to live...
Among the most important impacts of the Tax Cuts and Jobs Act is its increase of the standard deduction. This article explains how the increase has affected the strategy of “bunching” deductible medical expenses into one year to save tax dollars....
It’s common for owners of closely held businesses to transfer money into and out of the company. But it’s critical to make such transfers properly or risk unwanted IRS attention. This article explains how and why a transfer should be defined as a loan —...
The Tax Cuts and Jobs Act has given business owners much to think about, including whether to change the structure under which their companies operate. This article explains what’s changed and offers some scenarios to ponder. A sidebar looks at what growth-focused businesses should think...
Most individuals don’t regard themselves as businesses, trying to turn a profit and beat the competition. But, occasionally, it may help to look at one’s financial situation this way to determine where to cut expenses and boost cash flow. This article provides some tips, including...
The tax implications of earning money from an activity will vary depending on whether it is considered a hobby or business by the IRS. And the rules recently changed under the Tax Cuts and Jobs Act. This article reviews the hobby vs. business distinction and...
Anyone whose estate plan includes one or more trusts should review them before filing an income tax return. And those who have already filed should look carefully at how their trusts were affected. This article explains that trusts can be subject to the highest tax...
As the 2018 tax-filing season heats up, investors need to consider whether their objectives have changed and how the state of their portfolios will impact their tax liability. This article discusses important issues such as dividends and timing. A sidebar looks at why it’s important...
Whether they’re planning to claim charitable deductions on a 2018 return or make donations for 2019, it’s important for taxpayers to know how much they’re allowed to deduct. This article provides details on different types of charitable gifts and discusses concepts to consider when planning...
Simplified Employee Pension (SEP) plans can be flexible and, well, simple vehicles that small businesses can use to offer retirement benefits to employees. This article explains how they work and reminds readers that there’s still time to set one up to benefit on a 2018...
Working from home has become commonplace in many industries but, beginning with the 2018 tax year, fewer taxpayers will qualify for the home office deduction. This article explains why and how to claim the deduction if you’re among the fortunate who are eligible to do...
Many people start the year intending to get out of debt, yet end the year owing just as much, if not more. This brief article explores a debt-reduction approach called “throwing snowballs,” which involves organizing debts from lowest to highest balance and knocking them down...
Many people will eventually need to transfer ownership of real estate, a family business or some other asset expected to appreciate dramatically in the future. In such cases, an installment sale may be a viable option. This article explains under what circumstances this strategy should...
Inventory is expensive, so it needs to be as lean as possible. Businesses need to find ways to trim the fat from inventory without compromising revenue and customer service. This article has some suggestions, including using inventory ratios for benchmarking and reviewing product mix....
The Tax Cuts and Jobs Act made many changes to tax breaks for individuals. This article looks at some specific areas to review as one lays the groundwork for filing a 2018 tax return: personal exemptions, the standard deduction and the child credit....
When is a loss actually a gain? When that loss becomes an opportunity to lower tax liability, of course. This article discusses the tried-and-true strategy of using capital losses to counter the potentially costly impact of capital gains....
Smart timing of deductible expenses can reduce tax liability, and poor timing can unnecessarily increase it. One deductible expense that taxpayers may be able to control is their property tax payments. This article examines the prospect of prepaying property taxes that relate to this year...
