Maximize Your 401(k) Plan to Save for Retirement
Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a [...]
FAQs About Tax-Free Disaster Relief Payments During the COVID-19 Crisis
Many people are struggling to make ends meet during the COVID-19 pandemic. Fortunately, some individuals qualify for federal-income-tax-free disaster relief and disaster mitigation payments paid by some employers under Internal Revenue [...]
Taking Distributions From a Traditional IRA
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals [...]
How Series EE Savings Bonds Are Taxed
Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put [...]
16 Sweet Cost-Cutting Measures for Small Businesses to Consider
Many small business owners are looking forward to the end of 2020. It's been a year of significant hardship and stress. But staying afloat remains a daunting challenge in 2021. Here [...]
Tax Responsibilities If Your Business Is closing Amid the Pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of [...]
Bring Home a Tax Credit for Adoption
When you adopt a child, you could bring home more than a bundle of joy. You may also be in line for a valuable tax credit. For 2020, a tax [...]
Like-Kind Exchanges: New Proposed IRS Regs Define Real Property
The IRS has issued new proposed regulations that define what constitutes real property to determine eligibility for tax-deferred Section 1031 "like-kind" exchanges. Importantly, the proposed regs allow personal property that's [...]
Medical Costs: Can I Really Get a Tax Break for That?
It's difficult for many people to write off medical expenses because of the limits imposed under the tax laws. But you may qualify by including every expense allowed. Some of [...]
The Easiest Way to Survive An IRS Audit Is to Get Ready in Advance
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and [...]
What Tax Records Can You Throw Away?
October 15 was the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the [...]
Tax Implications When Lenders Cancel Debts in the Covid-19 Era
In the COVID-19-ravaged economy, debts can pile up beyond a borrower's ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers. While [...]
CARES Act Changes Rules for NOL Carrybacks and QIP
Consider these two favorable federal income tax rule changes included in the Coronavirus Aid, Relief and Economic Security (CARES) Act when deciding whether to take advantage of first-year depreciation breaks [...]
Small Businesses: Are First-Year Depreciation Write-Offs Right for You?
Under today's federal income tax rules, your business may be able to claim big first-year depreciation write-offs for eligible assets that are placed in service in the current tax year. [...]
Employers Have Questions and Concerns About Deferring Employees’ Social Security Taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance [...]