Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of...
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Businesses: Prepare for the lower 1099-K filing threshold
Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the...
Caring for an elderly relative? You may be eligible for tax breaks
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s...
Businesses may receive notices about information returns that don’t match IRS records
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t...
Inflation enhances the 2023 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will...
Want to turn a hobby into a business? Watch out for the tax rules
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is...
Once you file your tax return, consider these 3 issues
The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may...
Thinking about converting your home into a rental property?
In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re...
Valuable gifts to charity may require an appraisal
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply...
Tax considerations when adding a new partner at your business
Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new...
Tax issues to assess when converting from a C corporation to an S corporation
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may...
Selling mutual fund shares: What are the tax implications?
If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company...
Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions
Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it...
Fully deduct business meals this year
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws,...
The tax rules of renting out a vacation property
Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for...
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