26
May
HELPING A FAMILY MEMBER BUY A HOME
Making a family loan isn’t the only way to assist a loved one with purchasing a home. This short article looks at other options and their potential tax consequences....
19
May
YOUR RETURN IS FILED! 3 THINGS TO KEEP IN MIND POST-FILING
Most people feel relieved after filing their tax returns each year. However, even after taxpayers have successfully filed their 2024 return with the IRS, there may still be some issues to remember. This article looks at how taxpayers can track their refunds while they wait,...
12
May
TRAVELING WITH YOUR SPOUSE ON BUSINESS? KNOW WHAT’S DEDUCTIBLE
A company owner who travels on business accompanied by his or her spouse may be able to deduct all the travel expenses incurred by the spouse — but only in specific, limited circumstances. This article provides an overview of the rules....
25
Apr
STUCK IN THE MIDDLE: LIFE IN THE SANDWICH GENERATION
The term “sandwich generation” was coined to describe baby boomers caught between caring for their aging parents and their children. The term now applies to whichever generation is grappling with the problem, today most commonly Generation Xers and older Millennials. For those in the middle...
21
Apr
THE TAX SIDE OF GAMBLING
Whether an individual is a casual or professional gambler, their winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest, and penalties. Here’s what taxpayers need...
14
Apr
PAYROLL FRAUD THREATS INSIDE AND OUTSIDE YOUR COMPANY
Payroll fraud schemes aren’t uncommon and can be costly. According to a recent Association of Certified Fraud Examiners study, the median loss generated by payroll fraud incidents is $50,000. It’s essential to know the payroll schemes making the rounds and how to prevent them –...
11
Apr
TAX SEASON CLEANUP: WHICH RECORDS CAN YOU TOSS?
The mountain of paper and electronic records needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long must the records be saved? This article provides an overview....
07
Apr
TAX CALENDAR
This calendar notes important tax deadlines for the second quarter of 2025....
24
Mar
COULD YOU BE HIT WITH THE TRUST FUND RECOVERY PENALTY?
Business owners with employees could have to personally pay a harsh tax penalty if they aren’t careful. It’s called the Trust Fund Recovery Penalty, and it applies to the Social Security and income taxes required to be withheld by a company from its employees’ wages....
17
Mar
NEXT-LEVEL GROWTH: UNLOCKING YOUR BUSINESS’S FULL POTENTIAL
Small businesses encounter many challenges and opportunities. This article helps business owners through growing pains by addressing two key areas: 1) financial and tax reporting and 2) working capital....
10
Mar
IT MAY NOT BE TOO LATE TO REDUCE YOUR 2024 TAXES
Taxpayers seeking to minimize their 2024 taxes may still be able to do so. Those who qualify can make a deductible 2024 contribution to a traditional IRA until the federal income tax return filing date (April 15, 2025)....
07
Mar
FILE YOUR FBAR ON TIME TO AVOID PENALTIES
In an increasingly global society, many taxpayers hold foreign accounts. This article explains the rules regarding who must file a Report of Foreign Bank and Financial Accounts (FBAR) with the federal government....
24
Feb
NAVIGATE THE TAX SEASON WITH GREATER EASE
It’s that time again: Time to start thinking about getting your tax return prepared. Here are some quick tips you can use to speed tax processing, avoid hassles and collect any refund due faster....
17
Feb
DON’T MOVE … UNTIL YOU’VE CONSIDERED THE TAX IMPLICATIONS
Many people think about moving to another state. However, it’s important to consider the tax ramifications before doing so. This article urges readers to identify all applicable taxes in a destination state and recommends being prepared to meet the legal requirements for establishing domicile....
10
Feb
WHO CAN TAKE HOME OFFICE DEDUCTIONS?
Working from home was widespread during the COVID-19 pandemic, and many people continue working from their homes today. Those workers may wonder, “Can I claim home office tax deductions?” The short answer is: Only if you’re self-employed. This article delves deeper into the rules...
07
Feb
UPDATED GUIDE TO ROBUST DEPRECIATION WRITE-OFFS FOR YOUR BUSINESS
Section 179 of the tax code provides opportunities for substantial first-year depreciation deductions when a business places newly acquired qualifying assets into service. The Sec. 179 deduction amounts change annually due to inflation adjustments and certain limitations apply. Additionally, it’s important to consider any available...
27
Jan
PREPARE FOR RESILIENCE WITH A BUSINESS CONTINUITY PLAN
Although most natural and manmade disasters are unavoidable, companies should take steps to protect their employees, minimize data loss and recover costs. A business continuity plan can reduce financial losses and facilitate a faster recovery, whether the disaster is a fire, earthquake, power outage or...
20
Jan
ANSWERS TO FIVE KEY TAX QUESTIONS ABOUT 2025 TAXES
Early in the new year, most taxpayers are more concerned with their 2024 tax bills than how they’ll handle 2025 tax issues. However, as taxpayers contemplate and prepare for their annual tax filing, it’s a good idea to become familiar with the tax changes to...
13
Jan
MARRIED FILING SEPARATELY: WHEN IT MAKES FINANCIAL SENSE
For most married couples, filing joint returns results in the lowest tax bill, especially if one spouse earns much more than the other. However, in some situations it may be advantageous to file separately. Keep in mind that there are various factors to consider, such...
06
Jan
TAX CALENDAR
This calendar notes important tax deadlines for the first quarter of 2025....
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03
Jan
UNLOCKING THE POTENTIAL BENEFITS OF ESOPS
Business owners and executives often wish their employees worked as if they owned part of the company. An employee stock ownership plan (ESOP) can make that a reality while offering tax breaks and a smoother path for succession planning. This article discusses how ESOPs work...
23
Dec
NOT EVERY DISASTER ALLOWS FOR A CASUALTY LOSS TAX DEDUCTION
Every year, many Americans become victims of natural disasters, such as hurricanes, fires, floods and more. Unexpected disasters may cause damage to homes and personal property. This article defines a personal casualty loss and briefly outlines the rules for making a personal casualty loss claim...
16
Dec
FEELING CHARITABLE? BE SURE YOU CAN SUBSTANTIATE YOUR GIFTS
As the end of the year approaches, many people’s thoughts turn to charity. To avoid losing valuable charitable deductions, it’s important to become familiar with substantiation requirements. This brief article details what kind of “proof” is needed, depending on the donation details....
09
Dec
UNLOCKING TAX SAVINGS: THE BENEFITS OF A COST SEGREGATION STUDY
A cost segregation study is a strategic tax planning tool that allows a business property owner to accelerate depreciation deductions. That, in turn, will enable the owner to reduce taxable income and increase cash flow. Take a look at the powerful tax benefits of this...
06
Dec
A VALUATION MAY LEAD TO A BETTER BUSINESS FUTURE
Valuations aren’t just useful for business owners seeking to retire or to sell their companies. A good way to view a valuation is as a checkup that can assist you in planning for a better future for the business. This article looks at the many...
25
Nov
SENIORS: A TAXWISE ALTERNATIVE TO SELLING YOUR APPRECIATED HOME
In recent years, the residential real estate market has surged in many areas. That means there are more seniors with highly appreciated homes than ever before. Here’s one tax-saving strategy to consider for seniors who may be wondering whether they should sell or stay in...
18
Nov
WANT TO FIND OUT WHAT IRS AUDITORS KNOW ABOUT YOUR INDUSTRY?
To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit Techniques Guides (ATGs) to do so. A little-known secret is that these guides are available to the public on the...
11
Nov
YEAR-END TAX PLANNIN MOVES FOR INDIVIDUALS
It’s almost holiday season, so taxes probably aren’t top of mind for taxpayers. But along with the festivities, it’s also a good time to consider tax strategies that may reduce this year’s tax bill — and possibly future years’ tax bills as well. Here are...
08
Nov
YEAR-END TAX PLANNING STRATEGIES FOR BUSINESSES
As 2024 is nearing its end, now is a good time for businesses to consider year-end moves that can help reduce their tax bills. This article explores several year-end tax planning strategies for businesses to consider. A brief sidebar answers the question of whether companies...
28
Oct
BOOST MORALE AND SAVE TAXES WITH ACHIEVEMENT AWARDS
Some small businesses have been struggling with morale for a variety of reasons, one of which may be economic uncertainty. They might be able to boost their employees’ spirits with a relatively low-cost fringe benefit: an achievement awards program. This article discusses the tax implications...