Make year-end tax planning moves before it’s too late!
With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first [...]
6 Tax-Free Income Opportunities
Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without current federal [...]
Are You Liable for Two Additional Taxes on Your Income?
Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. [...]
Are You Unfairly Burdened By a Spouse’s Tax Errors? You May Qualify for “Innocent Spouse Relief”
Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. The reason for [...]
Cash or accrual accounting: What’s best for tax purposes?
Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that [...]
10 Tax Breaks to Consider on Extended Returns
If you requested an extension for your 2023 federal income tax return, you have until six months from the original due date — October 15, 2024, to be exact — [...]
Estate Planning in Divorce: Don’t Put It Off
Going through a divorce can be a traumatic experience — not to mention a time-consuming and expensive one. So it's no surprise that separating couples often overlook the impact of [...]
Beware of the Potential Tax Bill When Selling Your Home
Prices in many residential real estate markets have surged over the last few years. As a result, you may be sitting on a significant unrealized gain, especially if you've owned [...]
How are Series EE Savings Bonds taxed?
Savings bonds are purchased by many Americans, often as a way to help fund college or show their patriotism. Series EE bonds, which replaced Series E bonds, were first [...]
Six Tax Issues to Consider If You’re Getting Divorced
Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are [...]
What Can Your Small Business Do Now to Lower Taxes for 2024?
Summer is a good time to take stock of how your small business is doing this year and consider options for reducing your 2024 federal income tax bill. Thankfully, it [...]
Planning Your Estate? Don’t Overlook Income Taxes
The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, [...]
Consider Borrowing From Your Corporation But Structure the Deal Carefully
If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to [...]
What Might Be Ahead As Many Tax Provisions Are Scheduled To Expire?
Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and [...]
529 College Savings Account: Important Things To Know
Have you set up Section 529 college savings plans for your children or grandchildren? The major advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free and usually state-income-tax-free. But there can be [...]