If you’re adding a new partner to your partnership, you may think the tough part is over once you find the right person. But there could be complex tax issues to consider.
Once your 2023 tax return has been filed, you can breathe a sigh of relief. But there still may be some tax issues to consider. Here are three of them.
A meticulous approach to maintaining business records can help protect your tax deductions and make an IRS audit much less difficult. Here’s a recent court case illustrating some of the issues involved.
Businesses: Do you expect federal income tax rates to go up, go down or stay the same in the future? If you think your rates could go up, here are some considerations.
Home selling (and buying) season is heating up. At the same time, rents are high in many parts of the country. What are the tax implications if you buy another home but decide to keep your current home and rent it out?
If you’re a business owner without a retirement plan, establishing one is simpler than you may think. And there still may be time to set one up for LAST year, depending on your situation.
Once your 2023 tax return has been filed, you can breathe a sigh of relief. But there still may be some tax issues to consider. Here are three of them.
Spring is here, along with a bunch of tax-related deadlines. Here are some upcoming dates for the second quarter of 2024 that businesses and employers should keep in mind.
The SECURE 2.0 law includes good news about required minimum distributions from tax-favored retirement accounts. But an earlier law contained some bad news for certain beneficiaries of inherited retirement accounts. Here are the rules.
Many retirees are surprised to find out that some of their Social Security benefits are hit with federal income tax. Will you be one of them? Here are the rules.
If your small business would like to exchange goods and services without exchanging money, you may be able to barter. The internet makes it easier to engage with other businesses. But if you barter, be aware of the tax consequences.
Losing your job doesn’t mean putting tax issues in the rear-view mirror. There can be tax implications to a layoff or termination. Be aware of these three areas.
Even if your startup business has little or no income tax liability, you may be eligible for a payroll tax credit election for increasing research activities. This tax break got better under the Inflation Reduction Act.
As you may know, dividends paid out by a corporation are taxable to shareholders and can’t be deducted by the business. But there may be ways to get cash out of your closely held corporation without dividend treatment.
It’s not unusual for parents to end up with unused funds in their children’s 529 college savings plans. There’s a new option that allows them to transfer unused funds in a 529 plan to a Roth IRA. Here are the details.
April 15 isn’t only the income tax return deadline, it’s also the gift tax return deadline for people who made large gifts last year. Find out if you’re required to file a 2023 gift tax return. (Note: You may want to file one anyway).
Many businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take? Here are the rules.