Collect Tax-Free Profit From Selling Your Home
Whether the residential real estate market is up or down, there are always homeowners who want to — or have to — sell their homes. If you're a prospective seller [...]
CARES Act Provides 4 Possible Reasons to File an Amended Return
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions [...]
Taxpayers Should Know the Difference Between Standard and Itemized Deductions
Information from irs.gov Should you file using the standard deduction, or should you itemize your deductions? Deductions reduce the amount of taxable income when filing a federal income tax return. [...]
QBI Deduction Safe Harbor Rule for Rental Real Estate
The Tax Cuts and Jobs Act (TCJA) introduced a new deduction for individuals, estates and trusts that own interests in so-called "pass-through" business entities for 2018 through 2025. The deduction can [...]
4 New Law Changes That May Affect Your Retirement Plan
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The [...]
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 [...]
New Tax Provisions Passed by Congress
As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump [...]
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 [...]
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 [...]
Don’t Overlook a Roth IRA if You Are Self-Employed
Saving for retirement on a tax-advantaged basis should be on nearly everyone's financial "to do" list. Making contributions to a Roth IRA is one tax-wise way to save, because 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 [...]
Reap Tax Rewards from Year-End Harvesting
The stock market has experienced plenty of ups and downs this year. So, some investors are poised to take big gains for 2019, while others are currently showing losses and many [...]