News

There’s no master list of deductible business expenses in the Internal Revenue Code. The deductibility of certain expenses is obvious, while in other cases it’s unclear. And the TCJA affects many business deductions. Learn more.

When it comes to funding education expenses with a 529 plan, both prepaid tuition plans and savings plans offer attractive benefits. Which one is right for you?

The tax treatment of fringe benefits varies. Many types are tax-free to employees, but the TCJA has changed the tax treatment of some benefits. Here’s what small businesses need to know.

With the TCJA’s near doubling of the standard deduction, making a direct charitable IRA rollover can be particularly powerful for taxpayers old enough to be eligible.

With more tax rate thresholds to keep in mind, year-end tax planning for investments is especially complicated in 2018. Find out what your rate might be for short- and long-term capital gains, dividends (whether qualified or not) and the NIIT.

Business tax identity theft occurs when a criminal uses the identifying information of a business to obtain tax benefits or to enable individual tax identity theft schemes. And the IRS has seen a sharp increase. Here are some red flags and prevention tips to help protect your business.

For 2018, taxpayers can itemize medical expenses that total only 7.5% of AGI.

Donating artwork is a great way to share enjoyment of the work with others. But to maximize the tax benefit, too, you must plan your gift carefully and follow all the rules.

Changes under the TCJA make travel expense reimbursements even more attractive to employees. But your business must follow IRS rules so you and your employees can enjoy valuable tax benefits.

For owners of vacation homes, now is a good time to review year-to-date rental vs. personal use of the home. Adjusting use between now and year end might be beneficial. Here’s why.

Kids back in school, the days getting shorter, pumpkin spice everything. It must be fall! For businesses, that means it’s time to begin year-end tax planning. It’s also time to think about the fourth quarter 2018 filing deadlines.

Does your business use independent contractors? Could the IRS reclassify them as employees and subject you to back taxes, interest and penalties? Find out what the IRS looks for and what you can do to reduce the risk of reclassification.

Two of the 2018 estimated tax payment deadlines for individuals have already passed; the third one is coming up very soon. Here’s how to determine if you need to make a payment.

While it still feels like summer across most of the country, fall is almost here and students are returning to school. For many teachers, that also means the return of out-of-pocket classroom expenses. Fortunately, they can enjoy a tax deduction for some of these costs.

SIMPLE IRAs are available to businesses with 100 or fewer employees. As the name implies, these plans are simple to set up and administer. And there’s still time to set one up for 2018.

The S corporation has been one of the most popular business structures, due to its combination of liability protection and tax benefits. But that might be changing.

Will Congress again extend breaks for mortgage insurance premiums, mortgage debt forgiveness and college tuition? Even if it doesn’t, you may still be able to benefit on your 2017 return.

Danger may lurk in your boardroom...

The availability of the cash method of accounting for tax purposes has been expanded by the TCJA. If your business is currently using the accrual method, it might be time for a change.

There still may be time to undo your 2017 Roth IRA conversion. But think twice before converting this year because you won’t have the same flexibility with a 2018 conversion.

For owners of family businesses, an FLP can be an effective succession and estate planning tool, offering valuable tax benefits. But it isn’t risk free.

The alternative minimum tax (AMT) has long been a worry to many individual taxpayers. Learn how new tax law might affect your AMT risk, and see our AMT planning tips.

The TCJA has narrowed the scope of who can claim the home office deduction. But certain business owners and self-employed taxpayers may still be eligible.

Tax planning might not be something you want to think about during the summer months. But midyear planning is important, especially this year. Here are three strategies to consider that hold up post-TCJA.

Business meal, vehicle and travel expense deductions can be a hot button for the IRS. Is your business properly documenting them?