01
Oct
Tax calendar
This calendar notes important tax deadlines for the fourth quarter of 2021....
06:00 /
Taxes
27
Sep
SAFEGUARDING YOUR CRITICAL DOCUMENTS
Every adult has a variety of critical documents that should be protected. This brief article discusses the importance of having a dependable safe or bank safe deposit box in which to store key documents and even cash in case of a major disaster....
08:30 /
Technology
20
Sep
ENERGIZE TAX SAVINGS WITH AN EV CREDIT
Electric vehicles (EVs) are increasing in popularity all the time, and more of them are qualifying for a federal tax credit. For example, the IRS added three more eligible models in July. This article discusses the definition of EVs for tax purposes as well as...
13
Sep
WHICH BUSINESS WEBSITE COSTS ARE DEDUCTIBLE?
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....
10
Sep
THE CURRENT STATE OF ESTATE PLANNING
Because of the current estate tax exemption amount ($11.7 million in 2021), many estates no longer need to be concerned with federal estate tax. As a result, more energy can be devoted to other aspects of estate planning. This article looks at important issues to...
30
Aug
KNOW THE NUANCES OF THE NANNY TAX
During the pandemic, many families have hired household workers. For any household worker who isn’t an independent contractor, “nanny tax” obligations may apply. This article explores the details of withholding, reporting and paying a household worker. A sidebar looks at the federal unemployment tax....
23
Aug
5 KEY POINTS ABOUT BONUS DEPRECIATION
Like most business owners, you’ve probably heard about 100% bonus depreciation. It’s available for a wide range of qualifying asset purchases. But there are many important details to keep straight. This article presents five key points about this powerful tax-saving tool....
16
Aug
STRESS TESTING YOUR INVESTMENT PORTFOLIO
Many banks conduct regular “stress” tests to predict the impact of adverse external events. Essentially, stress testing is the ultimate “what if” analysis. This article discusses how investors can perform stress tests on their portfolios to assess and mitigate risk....
09
Aug
COMPILING A MARITAL BALANCE SHEET IN DIVORCE
Divorce is a difficult process for almost everyone. That’s why being clear and organized can help facilitate the process. This brief article discusses how the first step is generally to compile a marital balance sheet and what that involves....
30
Jul
CURTAILING TAX SURPRISES WITH CRYPTOCURRENCY
As investing in Bitcoin, Dogecoin and other cryptocurrencies becomes more popular, investors need to understand the potential tax ramifications. Unlike traditional currency, the IRS views cryptocurrency as property. This article explores the impact on capital gains and losses as well as defines key terms such...
26
Jul
FAMILY BUSINESSES MUST BEWARE OF FRAUD
Family businesses make up a huge percentage of companies in the United States and produce much of the country’s gross domestic product. However, for various reasons, they may also potentially face higher fraud risk. This article discusses why, and how family business owners can reduce...
16
Jul
ARE SCHOLARSHIPS TAXABLE?
If your child has been 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 whether or not scholarships are taxable. ...
12
Jul
A TAX QUIRK OF BEING A BUSINESS PARTNER
If you’re a partner in a business, you may have encountered a situation that gave you pause. In any given year, you may have been taxed on more partnership income than was distributed to you. The cause of this quirk of taxation lies in the...
05
Jul
TAX CALENDAR
July 15 — If the monthly deposit rule applies, employers must deposit the tax for payments in June for Social Security, Medicare, withheld income tax and nonpayroll withholding. August 2 — The second quarter Form 941 (“Employer’s Quarterly Federal Tax Return”) is due today. (If your...
28
Jun
INDIVIDUAL TAXPAYERS, REMEMBER THE RESCUE!
Many individual taxpayers fondly recall the stimulus payments issued this spring under the American Rescue Plan Act. However, the law contains plenty of other provisions also worth remembering. This article reviews four highlights. A sidebar looks at the income exclusion for unemployment benefits....
21
Jun
WEIGHING THE PROS AND CONS OF LTC INSURANCE
The COVID-19 pandemic has significantly affected our lives in many ways that are still playing out. For example, it has served as a reminder of how difficult an unexpected medical crisis can be to manage financially. This article explores the pros and cons of one...
14
Jun
SHOULD AN LLC HOLD YOUR VACATION HOME?
Holding a vacation home shared by family members in a limited liability company is one option that can offer important benefits. This short article lists several: asset protection, ease of management, ownership restrictions and estate planning advantages....
07
Jun
NEW RULES FOR COVID-RELATED PAID SICK TIME AND LEAVE
Under the Families First Coronavirus Response Act, employees could (through December 31, 2020) take paid sick time and paid family leave to care for themselves or loved ones because of COVID-19. This brief article notes some changes to the applicable rules with the passage of...
24
May
BOLSTER WEALTH MANAGEMENT WITH TRUSTS
Trusts can help affluent individuals and families manage, protect and grow their wealth. But there are a wide variety to choose from, so it’s important to understand the basic concepts behind trusts before choosing one. This article defines trusts and provides an example of how...
17
May
3 THINGS TO KNOW AFTER FILING YOUR TAX RETURN
Most people feel a sense of relief after filing their tax returns. But even if you’ve successfully filed your 2020 return with the IRS, there may still be some issues to bear in mind. This article discusses three considerations: checking on a refund, filing an...
05:00 /
Taxes
10
May
THE TAX TREATMENT OF START-UP EXPENSES
With the economy expected to improve in the months or quarters ahead, many business owners and entrepreneurs may decide to launch new enterprises. This article discusses the general rules and applicable expenses related to the tax treatment of start-ups. ...
03
May
APPRECIATING THE HELPFUL BALANCE OF BONDS
Stock market swings may bring both fortune and fear, so investors shouldn’t forget about the helpful balance of bonds. This brief article discusses several popular options, including U.S. government savings bonds and corporate bonds....
30
Apr
CONSIDERING A ROTH IRA CONVERSION
Future retirees have long grappled with whether to opt for a traditional or Roth IRA. Those who have a traditional IRA and have seen a decline in the value of their investments may want to consider a conversion to a Roth. This article reviews how...
23
Apr
WORKER CLASSIFICATION IS STILL IMPORTANT
Over the last year, many companies have experienced “workforce fluctuations.” If your business has engaged independent contractors to address staffing needs, be careful that these workers are properly classified for federal tax purposes. Tax obligations The question of whether a worker is an independent contractor or an...
16
Apr
BE PREPARED FOR TAXES ON SOCIAL SECURITY BENEFITS
No one likes a surprise when filing a tax return. One thing that takes many older people off-guard is getting taxed on their Social Security benefits. This article explains how to calculate provisional income to determine whether your Social Security income is indeed subject to...
09
Apr
HOW THE CAA AFFECTS EDUCATION FUNDING
The Consolidated Appropriations Act (CAA), signed into law late last year, contains a multitude of provisions that may affect individuals. For example, if you’re planning to fund a college education or in the midst of paying for one, the CAA covers two important areas: ...
02
Apr
TAX CALENDAR
This calendar notes important tax deadlines for the second quarter of 2021....
29
Mar
PPP LOANS: ONE YEAR LATER
About a year ago, the Paycheck Protection Program (PPP) was launched in response to the COVID-19 crisis. If your company took out such a loan, you’re likely curious about the tax consequences — particularly for loans that have been forgiven. Forgiveness criteria An eligible recipient may have...
22
Mar
HOME’S WHERE A TAX BREAK MIGHT BE
If you own a home, the interest you pay on your home mortgage may provide a tax break in the form of the mortgage interest deduction. However, you must itemize deductions on your tax return and follow a few other rules. Acquisition debt A personal interest deduction...
15
Mar
HAVE A FOREIGN ACCOUNT? FILE AN FBAR
Any U.S. person who has a financial interest in, or signature or other authority over, any foreign financial accounts must file a Report of Foreign Bank and Financial Accounts (FBAR) if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during...