Still Working After Age 70½? You May Not Have to Begin 401(k) Withdrawals
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year [...]
Deducting Personal Casualty Losses
Every year, millions of Americans are struck by sudden, unexpected disasters — including hurricanes, wildfires, floods, tornadoes, volcanoes, and even vandalism and terrorist attacks. These destructive events can cause injuries, [...]
It’s Not Too Late for Some Business Owners to Lower Their 2018 Taxes
Most businesses will owe less tax for the 2018 tax year than they would have under prior law, thanks to changes brought by the Tax Cuts and Jobs Act (TCJA). [...]
Make a Deductible IRA Contribution for 2018. It’s not too late!
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax [...]
Financial Issues to Consider During and After a Divorce
Divorce is one of the most traumatic events that can occur in a person's life. The emotional aspects of the break-up are difficult to handle, and the stress can be [...]
Handle with Care: The Nanny Tax Rules
When you hire a nanny, housekeeper or other domestic worker, pay close attention to the tax rules. Over the years, there have been news stories about political appointees and others [...]
Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers
It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared [...]
Should You Switch Your Business to C Corporation Status?
Thanks to the Tax Cuts and Jobs Act (TCJA), the federal income tax rate on C corporations is now a flat 21%, for tax years beginning in 2018 and beyond. [...]
Beware the Ides of March — If You Own a Pass-Through Entity
Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. [...]
Surviving an Earnout Provision in a Business Sale
If you are selling a business, the buyer may want to pay part of the price through an earnout provision. This is a contractual arrangement in which the seller receives [...]
3 Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. [...]
2018 Income Tax Withholdings: Too Much, Too Little or Just Right?
Did you withhold enough money from your regular paychecks in 2018? If you withheld too little — or, didn't pay enough estimated taxes if you're self-employed — you could have [...]
Stop Wasting Money
Benjamin Franklin once said, "a penny saved is a penny earned."¹ The modern upgrade to that observation might be that $100 not spent is more like $143.² One way to [...]
Depreciation-related Breaks on Business Real Estate: What You Need to Know When You File Your 2018 Return
Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) [...]