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Tax Advice: Is Your Money-Losing Activity a Hobby or a Business?

October 21, 2024

Transforming your hobby into a business can impact your taxes, especially if the activity loses money for some time. Here’s how you may be able to rightfully deduct losses.

For Small Businesses: On Keeping Your Business Separate From Its Real Estate

October 21, 2024

It may be advantageous to separate ownership of a business’s real estate from the business. But it isn’t always advisable. Here’s a look at the issues.

Tax Advice: Unlock Your Child's Potential By Investing in a 529 Plan

October 21, 2024

College costs have gone up sharply in the past few decades, so starting to save early is a smart move. One option is to invest in a tax-advantaged 529 plan.

Tax Advice: Make Year-End Tax Planning Moves Before It's Too Late

October 8, 2024

Taking proactive steps now could help reduce your tax liability for 2024 and 2025. Here are some considerations.

For Small Businesses: 2024 Q4 Tax Calendar

October 8, 2024

Mark your calendar: It’s time for businesses to start thinking about the fourth quarter 2024 tax filing deadlines.

Tax Advice: Deduct Seller-Paid Points as the Real Estate Market Improves?

October 8, 2024

When you buy a house, can you deduct seller-paid points on your tax return? Here are the rules.

For Small Businesses: Do You Need to Report Employee Health Coverage?

October 8, 2024

Form 1095-C is filed with the IRS and given to full-time employees of “applicable large employers.” Which employers fall under this category, and what are their obligations?

For Small Businesses: Ensure Your Partnership or LLC Complies with Tax Law

September 17, 2024

Guaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addressed in your partnership (or LLC operating) agreement. Here are the details.

For Small Businesses: Craft Partnership & LLC Operating Agreements

September 12, 2024

If your business is creating a partnership agreement or LLC operating agreement, it should include tax-related specifications. Here are some key points.

Tax Advice: 6 Tax-Free Income Opportunities

September 12, 2024

You may be able to collect federal-income-tax-free income and gains in several different ways. Here are six of them.

For Small Businesses: Reasons an LLC Might Be the Ideal Choice

September 12, 2024

A limited liability company can provide personal liability protection from creditors while delivering tax benefits. Is it right for you?

For Small Businesses: Time to Think About Tax Planning

September 12, 2024

We’ll be saying goodbye to 2024 in no time. Here are some year-end moves to consider that may help your small business save on taxes.

Tax Advice: A $7,500 Federal Tax Credit for Buying Electric Vehicles

September 12, 2024

Interested in buying a plug-in electric vehicle? You may be eligible for a valuable federal tax credit. Here are the rules.

Tax Advice: 2 More Taxes on Your Income? Find Out

August 27, 2024

Higher-income folks may be subject to a couple extra taxes, in addition to federal income tax. Here’s an explanation of the 3.8% net investment income tax and a 0.9% additional Medicare tax.

For Small Businesses: On Crafting Partnership & LLC Operating Agreements

August 27, 2024

If your business is creating a partnership agreement or LLC operating agreement, it should include tax-related specifications. Here are some key points.

For Small Businesses: What's Best for Taxes, Cash or Accrual Accounting?

August 23, 2024

Choosing between the cash method of accounting and the accrual method for tax purposes can impact your tax situation. But not all businesses qualify for both methods.

Tax Advice: How Working Remotely May Have Tax Consequences

August 23, 2024

For some employees who work remotely, the financial reality can be taxing. Here’s what to expect if you have a job but you don’t go to a physical office.

Tax Advice: Unfairly Burdened By a Spouse's Tax Errors?

August 15, 2024

“Innocent spouse” relief may be available to a taxpayer who unfairly receives a tax bill that’s attributed to a spouse’s or ex-spouse’s errors. Here’s a rundown of the relief, along with details of two recent court cases.

For Small Businesses: Understanding Taxes on Real Estate Gains

August 15, 2024

If you’re the owner of a pass-through entity, the federal income tax rules for gains from the sale of business real estate or vacant land may be more complicated than you thought. Here’s a look at the issues.

Tax Advice: Owe Estimated Taxes? If So, When's the Next One Due?

August 6, 2024

Certain taxpayers generally must make quarterly estimated tax payments to avoid a penalty. Here are the rules, along with when the next payment is due.

Tax Advice: The Implications of Disability Income Benefits

August 5, 2024

Disability income may or may not be taxable by the federal government. Here are the basic rules.

For Small Businesses: The Possible Future Tax Landscape for Businesses

August 5, 2024

The tax landscape for businesses may change significantly in the near future. That’s because provisions in the Tax Cuts and Jobs Act are scheduled to expire and the November elections will be decided. Here are some possible outcomes.

For Small Businesses: Handling Website Expenses for Tax Purposes

July 29, 2024

When developing your business’s website, how do you handle the expenses for tax purposes? Here are the basic rules.

Tax Advice: How Are Series EE Savings Bonds Taxed?

July 29, 2024

If you own Series EE bonds, take a look at the issue dates to see if the bonds are no longer earning interest. Here’s how bond interest is taxed.

For Small Businesses: Closing Involves a Number of Tax Responsibilities

July 25, 2024

If your business is closing, taxes are probably not on your mind but there are a number of tax responsibilities that must be met. Here’s a rundown of the basic rules.

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