Watch Out for “Income in Respect of a Decedent” Issues When Receiving an InheritanceApril 24, 2024Educational ArticlesMost people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may…Read More
Update on Retirement Account Required Minimum DistributionsMarch 27, 2024Educational ArticlesIf you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required…Read More
Coordinating Sec. 179 Tax Deductions With Bonus DepreciationMarch 26, 2024Educational ArticlesYour business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a…Read More
Maximize the QBI Deduction Before It’s GoneMarch 12, 2024Educational ArticlesThe qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So…Read More
If You Didn’t Contribute to an IRA Last Year, There’s Still TimeFebruary 21, 2024Educational ArticlesIf you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher…Read More
Get Ready for the 2023 Gift Tax Return DeadlineFebruary 14, 2024Educational ArticlesDid you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if…Read More
Taxpayers Should Answer Crypto Question, Report Digital Asset IncomeJanuary 30, 2024Educational ArticlesThe IRS has issued a news release reminding taxpayers that they must answer the digital asset question and report all…Read More
FinCEN Identifies New Scam Targeting Taxpayers Subject to BOI ReportingJanuary 9, 2024Educational ArticlesThe Financial Crimes Enforcement Network (FinCEN) recently posted a fraud alert on its beneficial ownership information (BOI) reporting portal webpage.…Read More
The “Nanny Tax” Must Be Paid for Nannies and Other Household WorkersDecember 12, 2023Educational ArticlesYou may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t…Read More
4 Ideas That May Help Reduce Your 2023 Tax BillDecember 6, 2023Educational ArticlesIf you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick…Read More
A Company Car Is a Valuable Perk, but Don’t Forget About TaxesDecember 4, 2023Educational ArticlesOne of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company…Read More
IRS Announces Form 1099-K Reporting Threshold DelayNovember 29, 2023Educational ArticlesDue to feedback given by taxpayers, tax professionals, and payment processors, the IRS recently released Notice 2023-74, which announces a…Read More