06
Jan
TAX CALENDAR
This calendar notes important tax deadlines for the first quarter of 2025....
08:00 /
Taxes
25
Nov
SENIORS: A TAXWISE ALTERNATIVE TO SELLING YOUR APPRECIATED HOME
In recent years, the residential real estate market has surged in many areas. That means there are more seniors with highly appreciated homes than ever before. Here’s one tax-saving strategy to consider for seniors who may be wondering whether they should sell or stay in...
08
Nov
YEAR-END TAX PLANNING STRATEGIES FOR BUSINESSES
As 2024 is nearing its end, now is a good time for businesses to consider year-end moves that can help reduce their tax bills. This article explores several year-end tax planning strategies for businesses to consider. A brief sidebar answers the question of whether companies...
16
Sep
HOME SALE: FAILURE TO PLAN MAY RAISE YOUR TAX BILL
Roughly two-thirds of Americans say they pay too much in federal taxes, according to a recent poll. When it comes to selling a home, however, a homeowner may be able to lower their federal tax bill with proactive planning. Here’s an example of how...
09
Sep
BUSINESS SUCCESSION AND ESTATE PLANNING SHOULD BE INSEPARABLE
A business owner’s most valuable asset is likely to be his or her company. Thus, addressing it in an estate plan is critical in case, for example, the owner dies unexpectedly or becomes disabled. This article explains that an estate plan can help provide a...
15
Jul
RENTING TO FAMILY MEMBERS
Owners of residential real estate may consider renting their properties to family members. As rents rise in many parts of the country, renting property at a discount to family members may seem like a good way to help relatives in need. But these arrangements can...
08
Jul
HSAs CAN BE POWERFUL RETIREMENT SAVING TOOLS
Health Savings Accounts (HSAs) are designed as tax-advantaged savings vehicles for funding uninsured health care expenses. But if you’re in relatively good health, an HSA also can serve as an attractive retirement savings vehicle. Here’s how an HSA allows an eligible individual to pay health...
02
Jul
TAX CALENDAR
This calendar notes important tax deadlines for the third quarter of 2024....
10
Jun
SENDING THE KIDS TO DAY CAMP MAY BRING A TAX BREAK
Among the many challenges of parenthood is what to do with the kids when school lets out. Parents who choose to send their children to day camp may qualify for a valuable tax break: the child and dependent care credit. This article explains why tax...
20
May
TO GET AN “EARLY” REFUND, ADJUST YOUR WITHHOLDING
Taxpayers who received a large tax refund this year may want to adjust their withholding. Each year, millions of taxpayers claim an income tax refund. That can represent a pleasant influx of cash. But it’s probably not the best use of cash for taxpayers. In...
10
May
THE ADVANTAGES OF HIRING YOUR MINOR CHILDREN FOR SUMMER JOBS
Small business owners may be able to hire their minor children this summer and get tax breaks and other nontax benefits. While eligible owners can save on payroll taxes and lower some costs, their kids also benefit. They gain on-the-job experience, develop practical skills and...
26
Apr
TAX RECORDS: WHAT CAN YOU TOSS AND WHAT SHOULD YOU KEEP?
Generally, the IRS has three years to audit a tax return, from the later of the due date of the return, or the date the return is filed. But many exceptions exist that make it prudent to keep financial records even longer. Some states also...
19
Apr
4 WAYS CORPORATE BUSINESS OWNERS CAN HELP ENSURE COMPENSATION IS “REASONABLE”
Owners of incorporated businesses know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Therefore, if funds are...
05
Apr
TAX CALENDAR
This calendar notes important tax deadlines for the second quarter of 2024....
08:00 /
Taxes
18
Mar
HAVE YOU RECENTLY REVIEWED YOUR LIFE INSURANCE NEEDS?
At one time, life insurance played a much bigger role in estate planning than it does now. That’s because life insurance was needed to pay estate tax, which affected more people than it does now. With the federal gift and estate tax exemption now at...
15
Mar
THE CHILD TAX CREDIT IS STILL AVAILABLE
Parents know that raising children is expensive. Although some of the enhancements of the Child Tax Credit (CTC) have expired, the credit is still available for eligible parents of children under age 17. Plus, there’s still time for taxpayers to claim the CTC on...
26
Feb
THERE MAY STILL BE TIME TO LOWER YOUR 2023 TAX BILL
Taxpayers preparing to file tax returns for 2023 may still have an opportunity to lower their tax bills. Those who are eligible can make tax-deductible contributions to traditional IRAs right up until this year’s April 15 tax-filing deadline, and benefit from the tax savings on...
29
Jan
THE ADVANTAGES OF USING AN LLC FOR YOUR SMALL BUSINESS
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...
26
Jan
ONE REASON TO FILE YOUR 2024 TAX RETURN EARLY
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....
15
Jan
FIRST-YEAR BONUS DEPRECIATION AND SEC. 179 EXPENSING: BEWARE OF PITFALLS
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....
09:00 /
Taxes
12
Jan
TAX CALENDAR
This calendar notes important tax deadlines for the first quarter of 2024....
09:00 /
Taxes
25
Dec
3 STRATEGIES FOR HANDLING ESTIMATED TAX PAYMENTS
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...
11
Dec
USE THE TAX CODE TO MAKE BUSINESS LOSSES LESS PAINFUL
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....
27
Nov
IS DISABILITY INCOME TAXABLE?
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....
20
Nov
HOW TO SECURE A BUSINESS BAD DEBT DEDUCTION
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...
13
Nov
ONE-TIME THING: IRA to HSA TRANSFERS
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...
10
Nov
FOLLOW IRS RULES TO NAIL DOWN A CHARITABLE TAX DEDUCTION
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....
27
Oct
DO YOU RUN A BUSINESS FROM HOME?
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...
13
Oct
STATE TAXES AFFECT BUSINESS SALES TOO
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....
06
Oct
TAX CALENDAR
This calendar notes important tax deadlines for the fourth quarter of 2023....
08:00 /
Taxes