With nonqualified stock options (NQSOs), if the stock appreciates beyond your exercise price, you can buy shares at a price below what they’re trading for. This is the same as [...]
Information taken from IRS.gov Special tax breaks may apply to those in the U.S. Armed Forces. Deadline Extensions. Some members of the military, such as those who serve in a [...]
Did you know your gambling winnings are taxable? Whether you bet on the horses or play the slots you must report the winnings on your tax return. And if you [...]
You may not have asked yourself that question in so many words, but you may have wondered what sets CPAs apart from other financial professionals. The answer in short: A [...]
Many clients see their CPAs at tax time, when the main focus is on completing and filing their tax return. As a result, they may not take the opportunity to [...]
A potential downside of tax-deferred saving through a traditional retirement plan is that you’ll have to pay taxes when you make withdrawals at retirement. Roth plans, on the other hand, [...]
Where will your business be in five years? Would strategic budget cuts in some areas improve your company’s health? Are there ways you can boost revenue? If you’re nearing retirement, [...]
Do you work at home or have a home-based business? The IRS has created a simpler option for calculating the deduction for the business use of your home. The new [...]
Is a Like-Kind Exchange a Good Option for Your Business? Normally, when companies sell properties, they must pay taxes on any gain they receive. Like-kind exchanges, transactions in which companies [...]
Seeking a Job? You May Be Able to Deduct the Expenses Did you know that if you are trying to find work in your current occupation, the costs of your [...]
Many people make donations to charities whose work they support, but if you are planning to take a tax deduction for your gift, you must have the proper paperwork. Assembling [...]
Do you take your cost basis into account when it’s time to sell an asset or investment? When you sell an asset or investment, your cost basis—or the amount you [...]
On June 26, the U.S. Supreme Court ruled that same-sex couples have a constitutional right to marry, making same-sex marriage legal in all 50 states. For federal tax purposes, same-sex [...]
With the U.S. Supreme Court’s June 25 decision upholding the Affordable Care Act (ACA) yet again, employers subject to the act’s information reporting provision can no longer afford to put [...]
Are you aware of the nature of all your investments, domestic and international? Do you know if you have foreign accounts with an aggregate value higher than $10,000 at any [...]