News

You may want to rent out a property you own to a relative at a discount. If so, be aware of these tax rules.

Are you contributing enough to your employer’s 401(k) plan or Roth 401(k)? Here are the contribution limits for 2023.

Friends with small businesses — please feel free to visit this link for a quick breakdown of the various tax-related deadlines coming up in 2023's first quarter.

It’s been a tough year for the stock market. But if you’re fortunate to have investment gains, you may be looking for unrealized losses in your portfolio to offset the gains. Selling losing stock may reduce your 2022 tax bill. But beware of the “wash sale” rule.

You may spend decades building up your traditional IRA but there comes a time when you must start taking withdrawals. Here are answers to frequently asked questions about required minimum distributions.

Any transaction your business engages in involving intangible assets and their related costs should be analyzed to determine the tax implications. Here are the basic rules.

The end of the year is a good time to examine your portfolio for tax purposes. Here are some strategies that may save you taxes.

If you’re starting a new business, you may wonder if you should operate as a C corporation, an S corporation or another entity. Here’s a summary of what will happen if you choose a C corporation.

Do you have a Health Savings Account at your business? Or are you interested in establishing one? Here are the contribution limits for next year, as compared with this year.

Many people like to give thanks at this time of year by donating to their favorite charities. Here are the basic 2022 rules for charitable contributions and gifts to loved ones.

If your business is closing its doors, taxes may be the last thing on your mind. But there are a number of tax obligations that must be met when a business shuts down. Here are the basic requirements.

Do you own savings bonds? Here’s how the interest on the bonds is taxed.

The tax treatment of computer software costs can be more complicated than you might think. Here are the basic rules.

Many people are feeling the squeeze of inflation. What does this mean for your federal tax bill? Here’s what the inflation-adjusted amounts will be for several provisions in 2023, as compared with 2022.

The tax-advantaged retirement plan contribution amounts will be much higher next year than they’ve been in recent years. The reason? Inflation. Find out how much can be saved in 401(k)s, SEP plans, IRAs and more.

In 2022, if you pay a household worker cash wages of $2,400 or more, you must withhold and pay Social Security and Medicare taxes. What will this amount be for 2023? Here’s the answer, as well as other tax obligations.

Business owners and their employees may not have to pay Social Security tax on ALL of their wages. Amounts above a certain threshold aren’t subject to Social Security tax. Here’s how the 2023 “wage base” will affect your payroll.

Your business may provide low- or no-cost tax-free fringe benefits to employees. Here are the details of these benefits, along with a court case in which an employee was found to have received a taxable benefit but he didn’t include its value in his income.

As we head toward year end, many people are starting to plan to give gifts to their loved ones. Here’s how to avoid gift tax implications.

Do you want to add municipal bonds to your portfolio? Here are some of the tax consequences.

The price of gas is going up again in some parts of the country. That may affect the tax deductions for local transportation costs that your small business can claim. Here’s what you can write off.

The cost of college has risen steeply in recent years so families are wise to begin saving early. Here’s how 529 plans can help you save on a tax-advantaged basis.

Getting contacted by the IRS and told your tax return is being audited may cause business owners to panic. But you’ll fare better if you understand IRS audits.

By planning ahead now, you may be able to save on your 2022 and 2023 tax bills. Here are some ideas to consider.

Many small businesses are in need of new employees and may get creative in their hiring. The Work Opportunity Tax Credit can help if you hire from certain targeted groups.