The novel coronavirus (COVID-19) crisis this year has created ample opportunities for dishonest individuals and criminal organizations. This article suggests various protective actions to take to avoid becoming a victim....
This calendar notes important tax deadlines for the third quarter of 2020....
Earlier this year, in response to the novel coronavirus (COVID-19) crisis, the IRS deferred the filing and payment deadlines for federal tax returns. This article recaps the relief and discusses what taxpayers should know about filing an extension and contributing to certain savings accounts. A...
When a trade or business’s deductible expenses exceed its income, a net operating loss (NOL) generally occurs. The rules applying to NOLs have changed and changed again. This article reviews how they’ve been revised, including most recently under the CARES Act....
Traditionally, important tax and financial records have been stored as hardcopies in desk drawers, filing cabinets and safe deposit boxes. Nowadays, it’s become increasingly popular and easy to digitize documents and store them electronically. This article explores the advantages and risks of this approach....
One byproduct of the Internal Revenue Code is that the tax liability of married couples who file jointly may be more than their combined tax liabilities would be as single filers. When it is more, many refer to the resulting tax hike as “the marriage...
Taxpayers with large, outstanding tax bills need to watch out. The U.S. State Department could deny a passport application, or revoke or limit a current passport, if the IRS certifies that an individual has a seriously delinquent tax debt. This brief article provides more information....
While 401(k) plans and Roth IRAs are well known, job candidates and employees may not be all that familiar with the Roth 401(k). This article discusses what business owners should know about this potentially valuable employee retirement benefit....
Taxpayers with large, outstanding tax bills need to watch out. The U.S. State Department could deny a passport application, or revoke or limit a current passport, if the IRS certifies that an individual has a seriously delinquent tax debt. This brief article provides more information....
Anyone selling a business interest, real estate or other highly appreciated property could get hit with a substantial capital gains tax bill. One way to soften the blow — though it ties up the funds long term — is to “roll over” the gain into a...
Business owners want to compensate themselves and their top executives fairly and competitively for their work, results and commitment. But how can they do so without attracting undue IRS scrutiny and claims of inappropriate compensation? This article explains some important factors to consider for both...
Many businesses spend time and money “wining and dining” current or potential customers, vendors and employees. What can they deduct on their tax returns for these expenses? The answer has changed under the Tax Cuts and Jobs Act. This article reviews the rules....
Americans who are 65 and older qualify for basic Medicare insurance, but they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive, especially for married couples who must pay separately for each spouse. As this...
This calendar notes important tax deadlines for the second quarter of 2020....
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...
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 —...
Traditional and Roth IRAs can be relatively “safe” retirement-savings vehicles, depending on what they’re invested in. But a drawback is that they limit investment choices. This article looks at an alternative: self-directed IRAs, which provide more flexibility in investment choices but also come with a...
