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...

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...

Owners of closely held corporations often want or need to withdraw cash from the business. The simplest way is to distribute the money as a dividend, but that isn’t tax-efficient. This article suggests several other ways to withdraw cash with generally better tax consequences, such...

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...

If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be tax-deductible as ordinary and necessary business expenses. Unfortunately, every type of environmental cleanup expense cannot be currently deducted — some cleanup costs must be capitalized (spread...

Although the Tax Cuts and Jobs Act took much of the “teeth” out of the AMT by raising the inflation-adjusted exemption, high-income earners (and even some middle-income earners) should still watch out for its bite. This article discusses the basic rules and the role of...

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....

They say one person’s trash is another person’s treasure. This may hold true when it comes to collectibles — those various objects d’art for which many people will pay good money. This article touches on some of the important points regarding how the sale or...