06
Apr
TAX CALENDAR
This calendar notes important tax deadlines for the 2nd quarter of 2023....
09:42 /
Taxes
27
Mar
SECURE 2.0 LAW MAY MAKE YOU MORE SECURE IN RETIREMENT
A new law was recently passed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29,...
20
Mar
CAN YOU DEDUCT THE COSTS OF A SPOUSE ON A BUSINESS TRIP?
A company owner who travels on business, accompanied by his or her spouse, may be able to deduct all the travel expenses incurred by the spouse. However, the rules are restrictive, starting with the requirement that the spouse must be a bona fide employee of...
13
Mar
HAVE A FOREIGN ACCOUNT? FILE AN FBAR
In an increasingly global society, many taxpayers hold foreign accounts. This article explains the rules regarding who must file a Report of Foreign Bank and Financial Accounts (FBAR) with the government....
06
Mar
RECONSIDERING YOUR PERSONAL EMERGENCY FUND
Back in 2020 when the COVID-19 pandemic first hit, many people’s emergency funds were suddenly put to the test. Now, presumably with the benefit of some hindsight, the financially savvy might want to reconsider their approach to saving. This brief article discusses some key points...
27
Feb
THROWING SNOWBALLS AT A MOUNTAIN OF DEBT
It’s common for many people to 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...
20
Feb
MOVING OUT OF STATE? LEARN ALL THE TAX IMPLICATIONS FIRST
Many people might think about moving to another state. However, it’s important to consider the tax ramifications before doing so. This article urges readers to identify all applicable taxes in a destination state ahead of time and recommends learning what the legal requirements are for...
13
Feb
QUALIFYING FOR THE HOME OFFICE DEDUCTION
Working from home has become the norm for many people in recent years. Now they might be wondering if they can claim the home office deduction for 2022. The short answer is: Only those who are self-employed can claim it. This article delves deeper into...
06
Feb
PROTECT YOUR BUSINESS WITH METICULOUS RECORDS
Abstract: Running a business requires that strong, supportable records be kept. Every expense that appears on a tax return might have to be defended if the IRS decides to audit the return. And failing to operate in a businesslike manner and keep good records might...
27
Jan
6 KEY TAX Q&AS FOR 2023
Right now, taxpayers may be more concerned about their 2022 tax bills than about how to handle their personal finances in the new year. However, as they deal with their annual tax filing, it’s a good idea to also familiarize themselves with pertinent tax-related amounts...
20
Jan
ARE YOU AT RISK FOR INVESTMENT FRAUD?
Many perpetrators of investment fraud know how to push the right psychological buttons to entice their “marks” to buy worthless or nonexistent securities. Would-be investors can mitigate the risks by asking a few questions, performing some research and consulting with trusted advisors. ...
06:00 /
Legal
13
Jan
ARE YOU AT RISK OF RETIREMENT PLAN LEAKAGE?
Generally, the term “leakage” has negative connotations. So, it’s not surprising that the same is true in the context of retirement planning, where leakage refers to pre-retirement early withdrawals from a retirement account. A business owner who sponsors a qualified retirement plan might say, “Well,...
06
Jan
TAX CALENDAR – Jan 2023
January 17 – Individual taxpayers’ final 2022 estimated tax payment is due. January 31 – Employers must file 2022 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to their employees. Employers must file (paper or electronic) 2022 Forms 1099-NEC (“Nonemployee...
06:00 /
Legal
06
Jan
SMOOTH SAILING: TIPS FOR EASIER NAVIGATION THROUGH TAX SEASON
The IRS generally begins accepting the previous year’s individual tax returns in late January. So, it’s time for taxpayers to start thinking about getting their tax returns prepared. Here are quick tips taxpayers can use to speed tax processing and avoid hassles....
30
Dec
TWO ESSENTIAL DOCUMENTS TO PROTECT YOUR ESTATE
Estate planning isn’t just about what happens to a person’s assets after death. It’s also about protecting one’s family during his or her lifetime. This article discusses two estate planning documents that are essential for everyone: a living will and a health care power of...
23
Dec
HAVE YOU CONSIDERED A COST SEGREGATION STUDY?
Because of the economic impact of inflation, many companies may need to conserve cash and not buy much equipment this year. As a result, the business may not be able to claim as many depreciation tax deductions as in the past. However, if the company...
16
Dec
THE PROS AND CONS OF NQDC PLANS
Nonqualified deferred compensation (NQDC) plans allow participants to set aside large amounts of tax-deferred compensation, but they may also pose substantial risks. This article distinguishes NQDC plans from qualified defined contribution plans and discusses the pluses and minuses....
09
Dec
WHAT’S YOUR TAXPAYER FILING STATUS?
For many people, December 31 means a New Year’s Eve celebration. However, from a tax perspective, it means thinking about the filing status you’ll use when filing your tax return for the year. The one you use depends partly on whether you’re married on that...
25
Nov
DISCOVER THE “HIDDEN” ADVANTAGE OF HSAS
Employers may want to explore the benefits of providing Health Savings Accounts (HSAs) to their workforce. When coupled with a high-deductible health plan, an HSA can be a powerful tool for funding medical expenses on a tax-advantaged basis. This brief article outlines the advantages and...
18
Nov
AS TRAVEL RETURNS, SO DO TRAVEL SCAMS
Many people are traveling again, for business and for pleasure. But as travel demand increases, so does travel-related fraud. This article describes how scam artists seek to use phone calls, emails and other means to take advantage of travelers — and offers tips to help...
06:00 /
Legal
11
Nov
SELLING TRADE OR BUSINESS PROPERTY? KNOW THE TAX EFFECTS
The sale of business or trade property can be subject to many rules, depending on the details. Factors that affect the taxability of the sale include the type of property, the primary use and how long the property was held. This article gives a rundown...
04
Nov
YEAR-END GIFTS AND THE GIFT TAX ANNUAL EXCLUSION
Many people want to make gifts of cash and stocks to loved ones during the holidays and at year-end. If properly used, the annual exclusion allows you to give to family members and loved ones and reduce the size of your taxable estate, within limits....
28
Oct
RENTING OUT YOUR VACATION HOME? KNOW THE TAX IMPLICATIONS
What are the tax implications when a taxpayer who owns a vacation home rents it out? The answer depends on various factors, such as the amount of time rented out and the number of days used by the owner. The calculation of taxable income can...
21
Oct
CHECK KITING IS NO SMALL MATTER
Despite the business community’s rapid adoption of digital payment methods, some companies continue to rely on paper checks. But there’s a long-standing problem with checks: They make businesses vulnerable to several damaging types of fraud, including check kiting. This article describes how a check kiting...
14
Oct
BEWARE OF “WASH SALES” WHEN SELLING SECURITIES
Under the “wash sale” tax rule, if a taxpayer sells stock or securities for a loss and buys back substantially identical stock or securities within the 30-day period before or after the sale date, that loss can’t be claimed for tax purposes. This article provides...
07
Oct
TALKING ABOUT THE “SANDWICH GENERATION”
The “sandwich generation” includes people who are caught between caring for their aging parents and still raising or helping their children. This brief article encourages those in the middle part of the sandwich to initiate family discussions with the other two parts to discuss tax...
01
Oct
TAX CALENDAR – 2022 FOURTH QUARTER
October 17 – Personal federal income tax returns for 2021 that received an automatic extension must be filed today and any tax, interest and penalties due must be paid. The Financial Crimes Enforcement Network (FinCEN) Form 114 “Report of Foreign Bank and Financial Accounts” (also...
06:00 /
Taxes
26
Sep
OFFSET NURSING HOME COSTS WITH POSSIBLE TAX BREAKS
Long-term care — including nursing home care — is expensive. Generally, tax issues aren’t top of mind when someone enters a nursing home. But for those who pay the bills, there may be tax breaks that help offset the cost, such as the ability to...
19
Sep
LARGE CASH BUSINESS TRANSACTIONS MUST BE REPORTED TO THE IRS
When businesses receive large amounts of cash or cash equivalents, they may be required to report these transactions to the IRS. Specifically, a payment of more than $10,000 cash in one or more related transactions must be reported on a specific form. Although not all...
12
Sep
BUSINESS OWNERS, DIVORCE AND THE POTENTIAL FOR FRAUD
Dividing a marital estate is rarely easy. But it’s made much harder if a divorcing spouse owns a private business and attempts to deflate profits or hide assets. Divorcing spouses — or their attorneys — who suspect this type of deception should engage a forensic...