Under current law, there are two valuable depreciation-related tools that may help your business reduce its 2019 tax liability Read more here.
You may be able to save for your child’s or grandchild’s education with a Coverdell Education Savings Account (ESA) Read more here.
If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule Read more here.
Use of a company vehicle is a valuable fringe benefit for owners and employees Read more here.
Do you want to withdraw cash from your closely held corporation at a low tax cost? Read more here.
The “nanny tax”, even if you don’t employ a nanny, may apply to you Read more here.
Divorce entails several tax concerns need to be addressed Read more here.
If you have a qualified high-deductible health plan, you can contribute to an HSA set up by you Read more here.
The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and medical leave to their employees Read more here.
What can you deduct on your tax return for these expenses? Read more here.
Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away Read more here.
You may be going on a business trip in the United States this summer that you can tack some vacation days onto Read more here.
Incentive stock options (ISOs) allow you to buy your employer’s stock in the future at a fixed price Read more here.
If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal tax credit of up to $7,500Read more here.
There’s an exception to the RMD rules that applies to certain plan participants who are still working for the entire year in which they turn 70½. Read more here.
The IRS has been cracking down on LLC members for underreported SE income Read more here.
A higher IRS mileage rate means larger tax deductions for business miles in 2019 Read more here.
Two major changes from the TCJA affecting individuals begin in 2019 Read more here.
The dawning of 2019 means the 2018 income tax filing season will soon be upon us Read more here.
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill Read more here.
Review your mutual fund holdings and take steps to avoid potential tax trapsRead more here.
With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends Read more here.
One option that can help defer tax is an installment sale Read more here.
Businesses that acquire, construct or substantially improve a building should consider a cost segregation study Read more here.
Benefits that are tax-free are especially attractive to employees Read more here.
The research credit may be available to some businesses for the first time Read more here.
Be aware that which assets you give can produce substantially different tax consequences Read more here.
And one of these plans got even better under the Tax Cuts and Jobs Act (TCJA) Read more here.
You can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash Read more here.
If the IRS reclassifies a worker as an employee, your business could be hit with back taxes, interest and penalties Read more here.
“Going green” at home - whether it’s your principal residence or a second home - can reduce your tax bill Read more here.
Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some that will hold up for many taxpayers. Read more here.
Now is a good time to review the TCJA provisions that may significantly impact small business taxes for 2018 and beyond Read more here.
The TCJA includes four negative and one positive change to employee benefits that will impact not only employees but also the businesses providing the benefits Read more here.
The new IRS tables may be correct for individuals with simple tax situations, but they might cause other taxpayers to not have enough withheld Read more here.
Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. Read more here.
The U.S. tax code includes many tax breaks that help support the American dream of Home ownership Read more here.
Correctly distinguishing repairs from improvements is critical to maximizing your tax savings Read more here.
For 2018 through 2025 this deduction is only allowed for losses due to an event officially declared a disaster by the President Read more here.
Whether you’re claiming charitable deductions on your 2017 return or planning for 2018, be sure you know how much you’re allowed to deduct Read more here.
Sec. 179 expensing allows the entire cost of qualifying property and software to be deducted in Year 1 Read more here.
Business owners: A Simplified Employee Pension (SEP) may give you one last 2017 tax and retirement saving opportunity Read more here.
Deductions save more tax when rates are higher, and most businesses’ tax rates will go down in 2018 Read more here.
The Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold for deducting medical expenses Read more here.
Download this handy PDF guide to employer health insurance requirements Read more here.
Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses Read more here.
For 2018, fewer employees will be eligible for a home office deduction. Read more here.
One break the new tax law eliminates is the Section 199 "manufacturers’ deduction” Read more here.
Download this handy PDF chart of the new deduction for pass-through businesses Read more here.
Download this handy PDF chart of the TCJA provisions effecting businesses Read more here.
Download this handy PDF chart of the TCJA provisions effecting individuals Read more here.
You might be able to benefit from the bonus depreciation enhancements when you file your 2017 tax return Read more here.
TCJA is the most expansive tax legislation since 1986. Here’s some of the most significant changes impacting businesses. Read more here.
Tax relief for Connecticut residents who have problems with certain residential concrete foundations Read more here.
Do you run your business or side hustle out of your home? Here's a handy guide to the home office deduction Read more here.
Don’t make a purchase without first looking at whether tax reform legislation could affect the tax benefit of a 2017 vs. 2018 purchase Read more here.
Here are some important considerations to keep in mind this year to ensure you receive the tax benefits you desire Read more here.
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability Read more here.
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018 Read more here.
Here's the most requested downloadable guide - Tax Recordkeeping Rules Read more here.
Use your car for business? Download this Guide to Business Use of Vehicles Read more here.
You're getting married, congratulations! Make sure to download this tax guide for newlyweds. Read more here.
Planning for retirement - download this Guide to Reverse Mortgages. Read more here.
Timing income and expenses can be a little more challenging for accrual-basis taxpayers than for cash-basis ones. Read more here.
At this time of year, it’s common for businesses to make thank-you gifts. Tax rules limit the deduction to only $25 per person per year. But there are exceptions. Read more here.
Even if your income is high, your family may be able to benefit from the 0% long-term capital gains rate. Read more here.
The IRS has begun focusing heavily on taxpayer compliance with information reporting laws. Penalties for compliance failures have increased sharply. Read more here.
To enjoy these breaks on your 2017 tax return, you generally must acquire and place assets in service by Dec. 31. Read more here.
Prepaying your property tax (by Dec. 31) may be especially beneficial this year, because of proposed tax legislation. Read more here.
With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. Read more here.
Does your small business engage in R&D activities? If so, you may be eligible for a research tax credit that you can use to offset your federal payroll tax bill. Read more here.
Whether real estate is occupied by your business or rented out, here’s how you can maximize your deductions. Read more here.
If you’re self-employed you may be able to contribute much more to a retirement plan than you can contribute to an IRA or even a 401(k). Read more here.
Which one should you include in your benefits package? Here’s a look at the similarities and differences of HRAs, HSAs and FSAs. Read more here.
Tax planning for executive compensation is more complicated if you could potentially be subject to two taxes under the Affordable Care Act. Read more here.
One solution for business owners to set aside more for retirement may be a cash balance plan. Read more here.
If you extended your return and know you owe tax but can’t pay the bill, you may be wondering what to do next. Read more here.
Typically, it’s better to defer tax. This might end up being especially true this year, if tax reform legislation is signed into law. Read more here.
If tax reform legislation is signed into law, it might be especially beneficial to bunch deductible medical expenses into 2017. Read more here.
High self-employment tax bills can be costly. Fortunately, there are ways spouse-owned businesses can lower their combined SE tax hit. Read more here.
Think you can simply sell an investment at a loss to offset gains, and then immediately buy it back? Not so fast. You need to beware of the wash sale rule. Read more here.
Travel expenses often attract IRS attention. Is the per diem method the answer? Read more here.
Because of tax-deferred compounding, boosting contributions sooner rather than later can have a significant impact on the size of your nest egg at retirement. Read more here.
With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option is a Section 529 plan. Read more here.
To meet the challenge of rising health insurance costs, some employers are opting for a creative alternative to traditional health insurance known as “captive insurance.” Read more here.
There are several possible reasons to undo a Roth IRA conversion and fortunately, it’s possible to undo a Roth IRA conversion, using a “recharacterization.” Read more here.
Is your income too high to contribute to a ROTH IRA? This strategy may make it possible. Read more here.
One major advantage of ESAs over another popular education saving tool, the Section 529 plan, is that tax-free ESA distributions aren’t limited to college expenses. Read more here.
What’s your estate tax exposure? Here’s a simplified way to project your estate tax exposure. Read more here.
Operating in another state means possibly being subject to taxation in that state. The resulting liability can, in some cases, inhibit profitability. But sometimes it can produce tax savings. Read more here.
Has your small business procrastinated in setting up a retirement plan? You might want to take a look at a SIMPLE IRA. Read more here.
If your business is an LLC or LLP, owners must meet any one of seven “material participation” tests to avoid passive treatment. Read more here.
Consider both deductions and exclusions related to home ownership when you’re filing your 2016 return and tax planning for 2017. Read more here.
Here are three tax strategies for individuals that can be more effective if you begin executing them midyear. Read more here.
Making gifts can have tax consequences. My Guide to Gift Taxes will tell you what you need to know before making a gift. Read more here.
Business owners can benefit from some potential tax breaks, an extra-motivated workforce and potentially a smoother path for succession planning. Read more here.
My downloadable tax guide for Uber and Lyft drivers. Read more here.
My concise guide to Health Savings Accounts (HSA) Read more here.
Here's three midyear tax strategies inspired by the Protecting Americans from Tax Hikes (PATH) Act: Read more here.
The tax consequences of these types of options can be complex. So smart tax planning is critical. Read more here.
All fringe benefits aren’t created equal for tax purposes. They can be fully, partially or nontaxable. Read more here.
Now that we’ve hit midsummer, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences. Read more here.
Many families employee nannys, elder care workers and other individuals to perform services for their family. Learn what your tax reporting requirements are using my handy guide. Read more here.
Moving can be expensive. The good news is that you might be eligible for a federal tax deduction for your moving costs. Read more here.
If you donate your vehicle, the value of your deduction can vary greatly depending on what the charity does with it. Read more here.
Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income tax breaks for charitable donations by businesses. Read more here.
It’s common for a business to own the building where the business operates. There can, however, be negative consequences to this structure. Read more here.
Guide to capital gains and losses, qualified dividends, and their special tax rates. See the pdf. Read more here.
Make sure you are taking advantage of these tips. Check out this fun infographic. Read more here.
Don't miss out on these special employer incentive programs. Check out this info graphic and see why hiring a veteran is a good idea. Read more here.
You probably know that miles driven for business can be deductible. But did you know you may be able to deduct miles driven for other purposes? Read more here.
Got incentive stock options? Here’s what you need to know about their tax treatment. Read more here.
The investment interest expense deduction may be less beneficial than you thought. Read more here.
If your 40s are behind you, consider boosting retirement savings and reducing your 2016 tax bill with a 401(k) catch-up contribution by year end. Read more here.
529 plans offer a tax-advantaged way to fund college. With a prepaid tuition plan, tuition is guaranteed regardless of its cost when the child attends the school. Read more here.
Get two tax benefits for one donation by giving appreciated stock instead of cash. Read more here.