Filing jointly or separately as a married couple: What’s the difference?
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks [...]
Why You Might Want to File Early and Answers to Other Tax Season Questions
The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even [...]
Investing in the Future With a 529 Education Plan
If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, [...]
Be a Hands-On Owner to Maximize Profits
Over the years, McDonald's has been able to sell hundreds of billions of hamburgers. The business started with a single drive-in burger stand started by two brothers in Southern California. [...]
Year-end Tax Planning Ideas for Individuals
Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the first [...]
Tax News for Individuals
If You Make Estimated Tax Payments, a Deadline Is Coming Up If you pay quarterly estimated taxes, circle this date on your calendar: September 15. That's the payment due [...]
Estimated Tax Payments: Who Owes Them and When Is the Next One Due?
If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive [...]
Three Tax Breaks for Small Businesses
Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. QBI deduction For [...]
The kiddie tax: Does it affect your family?
Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your [...]
Social Security benefits: Do you have to pay tax on them?
Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering whether you’ll be [...]
Your Estate Plan: Don’t Forget About Income Tax Planning
As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much [...]
2022 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may [...]
The Ins and Outs of Series EE Savings Bond Taxation
Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on occasional trips to [...]
Valuable gifts to charity may require an appraisal
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right [...]
Tax Issues When SELLING a Business With an Earnout
When a business is sold or purchased, the transaction might involve an earnout provision. This is a contractual arrangement in which the seller receives additional payment in the future if certain [...]