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 [...]
Sometimes How Much is in Tax-Deferred Retirement Accounts May Be Too Much
Contributing as much as possible to tax-deferred retirement accounts such as traditional 401(k)s and IRAs is a common recommendation. Contributions generally are pretax or deductible, and the power of [...]
Self-Employed? You May Be Eligible for the Home Office Deduction
Once upon a time, employees could claim home office expenses as a miscellaneous itemized deduction, subject to a 2%-of-adjusted-gross-income floor, if the arrangement was for their employer's convenience. But [...]
Disability Benefits May Have Income Tax Consequences You Don’t Expect
Disability insurance is a valuable benefit provided by many employers. It replaces a portion of the insured person’s income — typically 45% to 65% of pre-disability earnings — after a [...]
Could the New Markets Tax Credit Benefit Your Business?
Businesses in economically distressed communities often have difficulty obtaining capital for expansion, equipment, facilities and other investments. The New Markets Tax Credit (NMTC) encourages private investment in these underserved [...]
Be Tax-Smart With Your Mutual Fund Investments
Mutual funds offer an easy way to invest in a diversified portfolio compared to buying individual stocks and bonds. But the tax treatment of mutual funds isn’t so simple. [...]
How What You Donate Impacts Your Tax Deductions
Have you already made contributions to charity this year? Are you considering making more between now and year end? If so, it’s important to be familiar with the tax [...]
Before You Spend Lottery, Gambling or Other Winnings, Understand the Tax Rules
It’s easy to focus on the excitement of a big win. But federal tax law generally treats lottery prizes, gambling winnings and other awards as taxable income. Knowing the [...]
Trump Accounts Go Live and the IRS Provides Tax-Reporting Relief
Parents, grandparents and others can now contribute to Internal Revenue Code Section 530A accounts — also known as "Trump Accounts" — to benefit eligible children. This new type of [...]
IRS Revs Up Standard Mileage Rates for the Second Half of 2026
The IRS recently announced an increase in the optional standard mileage rate for business vehicle use for the second half of 2026. The adjustment reflects higher fuel costs this [...]
Selecting a Tax Accounting Method for Your Small Business
Small business owners must answer an important question: Should we use the cash or accrual accounting method for federal income tax purposes? Larger entities are required to use the [...]
Will Your Social Security Benefits Be Taxable?
Last year, the new tax deduction for taxpayers 65 and older was sometimes referred to as “no tax on Social Security.” In actuality, this up-to-$6,000-per-individual deduction, also known as [...]
Make the Most of the General Business Credit
Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business's taxable income, a credit reduces the business's tax liability dollar for dollar. Tax [...]
Preventative Steps Help Ensure M&A Success
Just because a merger or acquisition is completed on paper doesn't mean the transactions will be a success. The implications can generally be seen 18 to 24 months after [...]