Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of...
Blog
Establish a tax-favored retirement plan
If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for...
There still may be time to cut your tax bill with an IRA
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re...
Are you ready for the 2021 gift tax return deadline?
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021...
Lost your job? Here are the tax aspects of an employee terminatio
Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably...
The election to apply the research tax credit against payroll taxes
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available...
Married couples filing separate tax returns: Why would they do it?
If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In...
Making withdrawals from your closely held corporation that aren’t taxed as dividends
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend....
Can you deduct the costs of a spouse on a business trip?
If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips....
Did you give to charity in 2021? Make sure you have substantiation-
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what...
Important tax aspects of operating your business as a sole proprietor
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your...
The Ins and Outs of IRAs
Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is that they...
Keeping meticulous records is the key to tax deductions and painless IRS audits
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should...
Smooth sailing: Tips to speed processing and avoid hassles this tax season
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help...
Entrepreneurs and taxes: How expenses are claimed on tax returns
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of...
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