Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut [...]
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal [...]
Every tax season, business owners must familiarize themselves with tax law changes that went into effect for that tax year. Fortunately, businesses don't have to contend with sweeping changes for [...]
The Brookings Institution estimates parents will spend about $310,605 to raise a child born in 2015 until the age of 17. This figure is adjusted for future projected inflation but [...]
Adoptions plummeted during the COVID pandemic, but the adoption rate is slowly rebounding. If you're among those considering adopting a child, you need to know about the various tax breaks that [...]
Over the years, Congress has established some nice tax breaks for transportation-related employee fringe benefits to encourage taxpayers to be more ecology-minded when commuting to work. But, the Tax Cuts [...]
Crypto Investors: Loss Deductions, Regulation and Oversight There have been three recent developments in the cryptocurrency arena: Loss tax deductions for FTX investors. Investors with inaccessible assets tied up [...]
Many self-employed individuals are eligible to make annual contributions to Roth IRAs, despite having healthy earnings from their businesses. But some haven't yet taken advantage of this retirement saving strategy. [...]
The following table provides some important federal tax information for 2023, as compared with 2022. Many of the dollar amount increases are higher than in past years due to inflation. [...]
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or [...]
Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer offers a 401(k) or Roth 401(k), contributing [...]
Is it possible to have too much of a good thing? The IRS thinks so, at least in the context of compensation paid to business owners. If an owner's compensation is [...]
Answers to your questions about taking withdrawals from IRAs As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from [...]
The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. [...]
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use [...]