Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions
Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if [...]
Can Partners Deduct Expenses They Pay?
If you own a business taxed as a partnership, you may occasionally pay work-related expenses out of pocket. This raises a common question: Can you deduct those payments on your [...]
Working Teens Can Maximize the Power of Tax Deferred — or Tax-Free — Compounding With an IRA
Retirement is far from most teenagers’ minds when they get their first jobs. Most young people are more interested in spending their earnings or saving for a shorter-term goal. But [...]
Consider an Installment Sale to Optimize Taxes When Selling Your Business
Over the years, you’ve invested blood, sweat and tears into building a successful small business. Now it’s time to sell and move on to the next chapter of your life. [...]
Evaluate the Effects of Selling a Subsidiary or Division
During the best and worst of times, your company may be tempted to sell a division or subsidiary. This can make sense for a number of reasons, including: The [...]
What Employers Should Kow About Business-Related Frequent Flyer Miles
Fall has arrived — and, with it, one of the more active seasons for business travel. Perhaps your organization has employees heading to conventions, conferences, client meetings or other [...]
Restricted Stock Deserves Attention Before Year End
Executives and key employees often receive stock-based compensation in addition to salaries and bonuses. If restricted stock is part of your compensation, considering the potential tax consequences well before [...]
Remote Work Can Complicate Your State Taxes
Working remotely may broaden your job options and make daily life easier. But working from a different state than your employer — or spending part of the year working [...]
How to Avoid and Correct Common Payroll Tax Mistakes
Payroll administration can be challenging for small business owners — and mistakes can create problems for both employers and employees. Incorrect paychecks can frustrate employees and require time and [...]
How the Tax-Free Transfer Rule Works
The tax-free transfer rule applies to most marital assets, including cash, vehicles, real estate, investment accounts and private business interests. Although there's generally no recognized gain or loss when [...]
Educators May Be Able to Claim 2 Deductions For 2026 Classroom Expenses
Teachers and other educators often spend their own money on books, supplies, equipment and other classroom needs. For 2026, eligible educators may have two ways to deduct qualifying unreimbursed [...]
Divorce Cases: Active versus Passive Appreciation
It's common in divorce cases for an interest in a closely held business or professional practice to be the marital estate's most valuable asset. In many states, when the [...]
Tax Planning Can Ease the Sticker Shock of Raising a Child
If you're a parent who's been doing some back-to-school shopping lately, you know that raising a child is expensive. Whether real or virtual, that overflowing cart is just one [...]
Look Before You Leap When Making Major Acquisitions
Most businesses don't buy anything big without performing "due diligence" — the thorough homework process of checking things out. It's also a good idea for consumers thinking about making [...]
Getting Divorced? Consider Taxes When Splitting Up Retirement Accounts
Divorce is a major life event that can have significant personal and financial consequences. In addition to addressing family and emotional concerns, you'll need to determine whether your assets [...]