Act Now to Leverage the Gift Tax Exclusion Before Year End
The gift tax exclusion is among the most valuable tools available to transfer assets to family and other loved ones without ending up with an unwelcome tax bill for the [...]
The Tax Implications of Renting Out a Vacation Home
Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, [...]
Casualty Loss Tax Deductions May Help Disaster Victims in Certain Cases
This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes, and other disasters. No matter where you live, unexpected disasters may cause damage to your home [...]
What’s the Proper Tax Treatment for Intangible Assets?
Intangible assets have become increasingly vital to the value of many companies. While their benefits may be obvious to business owners, their tax treatment often isn't. Taxpayers may be surprised [...]
Investment Swings: What’s the Tax Impact?
If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final [...]
Plan Now For Year-End Gifts With the Gift Tax Annual Exclusion
Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By [...]
Businesses: It’s Time to Get Ready for the New Corporate Transparency Reporting Rules
Attention: Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), which was enacted in 2021, certain companies [...]
Selling Your Home for a Big Profit? Here Are the Tax Rules
Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in [...]
Disabled Family Members May Be Able to Benefit From ABLE Accounts
If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for the government benefits to [...]
Can You Deduct Student Loan Interest On Your Tax Return?
The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you [...]
Pocket a Tax Break for Making Energy-Efficient Home Improvements
An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home [...]
A Tax-Smart Way to Develop and Sell Appreciated Land
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels, and sell them off for a hefty profit, it [...]
Retirement Account Catch-up Contributions Can Add Up
If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). Is it worth the trouble? Yes! Here are the rules of [...]
Disclaim Responsibility in Contracts
Contracts are part of everyday business, whether it's the minuscule print on the back of a credit card bill or an agreement to buy office furniture. With your customers, contracts [...]
That Text or Email From the IRS Is A Scam!
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone [...]