For employers and their employees traveling for business this year, there are a number of considerations to keep in mind. Under the tax law, in order to claim deductions, certain requirements for out-of-town business travel within the United States must be met. The rules apply...
If a small business is operated as a sole proprietorship, the owner may have thought about forming a limited liability company (LLC) to protect his or her assets. Or, if the owner is launching a new business, he or she may want to know what...
The IRS will soon announce the opening of the 2023 individual income tax return filing season. Even for taxpayers who don’t typically file until much closer to the April 15 deadline (or file for an extension), it’s a good idea to file earlier this year....
Anyone in the process of making a retirement or estate plan, or who intends to donate property to charity, needs to know the value of their assets. For many hard-to-value items — such as closely held business interests, real estate, art or collectibles — an...
Many businesses are eligible for current tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for cash flow, but whether to claim them isn’t always an easy decision. In some cases, there are advantages to choosing the regular depreciation rules....
This calendar notes important tax deadlines for the first quarter of 2024....
Self-employed individuals, and those with income from interest, rent, dividends and other sources, generally must pay estimated tax payments throughout the year. Mishandling these payments could trigger penalties. This brief article offers three strategies for getting it right, and a reminder that the next due...
Traditional and Roth IRAs can be relatively “safe” retirement-saving vehicles, depending on what they’re invested in. But one drawback is that they limit the account owner’s investment choices. A self-directed IRA provides more flexibility in investment choices but comes with greater risk as well. ...
One popular fringe benefit that an employer can offer is an education assistance program that allows employees to continue learning, and perhaps earn degrees, with financial help from the employer. A business can attract, retain and motivate employees by providing these benefits so that team...
Whether a business is new or established, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations....
Many Americans receive disability income, and the question is often asked: Is it taxable? The short answer is: That depends on who paid for it. This article details how and when taxes may apply. A sidebar discusses how much disability coverage an individual may need....
This brief article highlights how businesses may be able to secure bad debt deductions. This tax treatment isn’t automatic. A business must be able to show that the debt in question is worthless. The article explains the ins and outs of claiming a business bad...
Taxpayers who have IRAs and Health Savings Accounts (HSAs) can transfer funds directly from their IRAs to their HSAs, under certain conditions. This is a once-in-a-lifetime transfer, without penalties or taxes, intended to help taxpayers who are hit with high medical bills that exceed the...
For charitable donations of cash and property to be deductible, they must meet certain IRS criteria. This short article discusses some of the basic rules and explains how to determine if the charity is a qualified charitable organization....
Many people who began working from home during the COVID-19 pandemic are still doing so, full or part-time. Business owners who moved their operations to a home office, or at least began performing some work functions there, may be able to claim home office expenses...
Individual taxpayers may be able to claim medical expense deductions on their tax returns. However, the rules can be challenging, and it can be difficult to qualify. This article offers up five points to keep in mind about the deductibility of medical expenses....
Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get carried away by a windfall and end up in worse financial shape. This article points out some of the pitfalls and how to...
Business owners sometimes decide to put their companies on the market. When doing so, they may focus on the federal tax implications of a sale. But there will be state tax implications, too. This brief article touches on some key issues regarding state taxes....
This calendar notes important tax deadlines for the fourth quarter of 2023....
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 IRS can pursue either spouse to collect the entire tax — not just the part that’s...
Nearly every business needs a website, but it’s not always easy to determine which costs of running one are deductible. Fortunately, there are guidelines, and even IRS guidance, to follow. This article discusses both the hardware and software costs associated with a website....
The IRS has released guidance that includes the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). This article lists the benefits, requirements, and contribution limits of HSAs for 2023 and 2024....
As a result of the current estate tax exemption amount ($12.92 million in 2023), many people are no longer concerned with federal estate tax. This article points out that before 2011, a much smaller dollar amount resulted in many people attempting to avoid estate tax....
Business partnerships may include situations that give the partners pause. This article explains that in any given year, the partners may have been taxed on more partnership income than was distributed to them. It notes that the cause of this quirk of taxation lies in...
Divorce is a difficult process for everyone involved. That’s why being clear and organized when it comes to finances can help facilitate the process. The first step is generally to compile a marital balance sheet. This brief article discusses this step and what it involves....
Despite the robust job market, some people are still losing their jobs. For those who are laid off or terminated from employment, taxes are probably the last thing they’re concerned about. However, they may face tax implications when personal and professional circumstances change, and there...
If your child is awarded a scholarship for college or another type of school, it’s certainly cause for celebration. But parents need to be aware of the potential tax implications. This article explains when a scholarship may be taxable....
Many people earn money during the year but don’t have any, or enough, federal tax withheld from the payments. Or they have taxable income from sources such as interest, dividends, self-employment income or capital gains. If that’s the case, they may need to make estimated...
This calendar notes important tax deadlines for the third quarter of 2023....
Stock market and interest rate uncertainty may cause some investors to turn to bonds. This brief article discusses several popular options, including U.S. government savings bonds and corporate bonds....
