Joint Returns: Spouses Are Guilty Until Proven Innocent
When you got married, you knew it was for "better or worse." But you might not know about laws that hold you responsible if your spouse cheats on a tax [...]
Do You Have a Side Gig? Make Sure You Understand Your Tax Obligations
The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people [...]
Adopting a Child? Bring Home Tax Savings with Your Bundle of Joy
If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to [...]
IRS Updates Per-diem Guidance for Business Travelers and their Employers
Information form IRS.gov On November 26, 2019 the Internal Revenue Service issued guidance for business travelers, updated to include changes resulting from the Tax Cuts and Jobs Act (TCJA). Revenue [...]
Expanding a Corporate Business with a Tax-Free Merger
If a corporate business is seeking to quickly expand, it may be considering one of these options: Gaining control over another corporation's business (the target) indirectly via a merger transaction [...]
Beware of Deductions Claimed for Certain Business Expenses
To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense [...]
What is Your Taxpayer Filing Status?
For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When [...]
Using Your 401(k) Plan to Save This Year and Next
You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a [...]
Small Businesses: Stay Clear of a Severe Payroll Tax Penalty
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also [...]
Tax Planning for a Home in the Event of Divorce
For many people, the federal home sale gain exclusion is the single most valuable tax break available. But if you're getting divorced and selling a home, you may need to [...]
Multi-state Resident? Watch Out for Double Taxation
Contrary to popular belief, there's nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits [...]
Six Education Tax Breaks on the Books
It costs a pretty penny to send a child to college or private school these days. But at least the federal tax code may provide some relief, within certain limits. [...]
IRA Charitable Donations are an Alternative to Taxable Required Distributions
Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you [...]
Keep Your Fleet Safe
Whether your company has one vehicle or dozens on the road, smart management can save you money. Familiarity with tax laws, simple maintenance steps and high-tech solutions can reduce the [...]