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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.

Tax Advice: Planning Your Estate? Don't Overlook Income Taxes

July 17, 2024

The federal estate tax exemption is currently $13.61 million, so you may want to think more about saving income taxes for your heirs (rather than worrying about estate taxes).

Tax Advice: Six Tax Issues to Consider if You're Divorcing

July 17, 2024

Getting a divorce can be an agonizing process. You don’t want to make it worse by making decisions that will cost you more in taxes. Here are six issues to consider if you’re getting a divorce.

For Small Businesses: Tax Consequences of Selling Biz Property

July 17, 2024

What are the tax consequences of selling business assets? They can be complex.

For Small Businesses: If Co-Owners, You Probably Need a Buy-Sell Agreement

July 16, 2024

For most business co-owners, the value of their business shares comprises a big percentage of their estates. Having a buy-sell agreement protects co-owners and their heirs and helps avoid hassles with the IRS.

Tax Advice: On Charitable Donations & Taxable IRA Withdrawals

July 16, 2024

Here’s a strategy for older taxpayers who are charitably minded and also must take required minimum distributions from their traditional IRAs.

For Small Businesses: On Borrowing From Your Corp

July 16, 2024

Closely held corporation owners: If you need money for personal expenses like a new car or home improvements, consider borrowing from the business. But follow these tips to avoid adverse tax consequences.

Tax Advice: As Tax Provisions Are Scheduled to Expire...

June 30, 2024

What’s on the tax horizon as many Tax Cuts and Jobs Act provisions get closer to their scheduled expiration date? Here are four possible scenarios.

For Small Businesses: 2024 Q3 Tax Calendar

June 25, 2024

Summer is here and tax deadlines are probably the last thing on your mind. But there are some important third-quarter deadlines that businesses can’t afford to forget about.

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