Navigating the Tax Angles for ETFs
Exchange traded funds (ETFs) are hot. Last year, $507.4 billion flowed into ETFs listed in the United States, according to Statista, a provider of market and consumer data. Net assets held [...]
Defer Tax With a Like-Kind Exchange
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” [...]
Gig workers should understand their tax obligations
The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans [...]
There’s a Deduction For Student Loan Interest … But Do You Qualify For It?
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject [...]
Teachers Can Deduct Out-of-Pocket Classroom Expenses Including COVID-19 Protective Items
Info courtesy of IRS.gov Teachers Can Deduct Out-of-Pocket Classroom Expenses Including COVID-19 Protective Items Fall is here and another school year is in full swing. Many teachers are already [...]
Tax Consequences of Borrowing From a Retirement Plan
If your company has a qualified retirement plan or you have set one up in self-employment -- such as a 401(k), profit-sharing, or Keogh plan -- the participants might be allowed to borrow from their [...]
Get ready for taxes: Here’s what’s new and what to consider when filing in 2022
Information from IRS.gov The IRS encourages taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include special steps related to charitable contributions, [...]
Providing A Company Car? Here’s How Taxes Are Handled
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as [...]
Help Safeguard Your Personal Information By Filing Your 2021 Tax Return Early
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until [...]
Close-Up on the Individual AMT
The individual alternative minimum tax (AMT) rules were made more taxpayer-friendly for 2018 through 2025 by the Tax Cuts and Jobs Act (TCJA). The odds that you'll owe the AMT for [...]
Important “To Do’s” All Taxpayers Should Do Before the Tax Year Ends
Information from IRS.gov Important “To Do’s” All Taxpayers Should Do Before the Tax Year Ends Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their [...]
11 Sources of Tax-Free Income
There are still ways to earn income that is free from federal income tax. With the various tax changes that have taken effect in recent years, tax-free income opportunities are perhaps [...]
Businesses Can Show Appreciation — and Gain Tax Breaks — With Holiday Gifts and Parties
The holiday season is here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties [...]
Changes to Retirement Plans for 2022
Information from IRS.gov Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to [...]
With Year-End Approaching, 3 Ideas That May Help Cut Your Tax Bill
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may [...]