You may be entitled to tax breaks if caring for an elderly relative
If you’re caring for an elderly relative, you may be entitled to some tax breaks. Here are four of them.
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Outlook
News, views, and ideas shaping the future.
Gwen DiMeo
May 203 min read
Tax tips when buying the assets of a business
When buying a business, you may not focus on taxes. But the way the transaction is structured can lead to better or worse tax results.
Victoria Ma
May 153 min read
When do valuable gifts to charity require an appraisal?
If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS...
Mike Hawkins
May 74 min read
Federal regulators expand overtime pay requirements, ban most noncompete agreements
The U.S. Department of Labor (DOL) has issued a new final rule regarding the salary threshold for determining whether employees are...
Jay Rueger
Apr 293 min read
When partners pay expenses related to the business
If you’re a partner in a partnership business, can you deduct expenses you incur on your personal tax return? Here are the rules.
Sarah Dmytryk
Apr 232 min read
Watch out for “income in respect of a decedent” issues when receiving an inheritance
Property you inherit generally isn’t included in income for tax purposes. However, there are certain items that may have to be included.
Michele Perry
Apr 222 min read
When businesses may want to take a contrary approach with income and deductions
Businesses: If you think your federal income tax rates could go up in the future, here are some considerations.
Jamie Applegate
Apr 173 min read
The pros and cons of turning your home into a rental
Home selling & buying season is heating up, but rents are also high. Here's the tax implications of buying another home & renting out yours.
Gwen DiMeo
Apr 163 min read
Scrupulous records and legitimate business expenses are the key to less painful IRS audits
Maintaining meticulous business records can help protect your tax deductions and Make an IRS audit much less difficult.
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Apr 81 min read
Should you get help with Tax Planning?
With over 50 CPAs we offer guidance to our clients in order to minimize their tax liabilities. Unlike tax preparers, whose services are...
Mike Hawkins
Apr 33 min read
The tax deadline is almost here: File for an extension if you’re not ready
The April 15 tax deadline is approaching, but what if you’re not ready to file? There are some steps you can take to avoid steep penalties.
Nick Feldman
Mar 253 min read
Coordinating Sec. 179 tax deductions with bonus depreciation
There’s more than one way for businesses to claim depreciation tax deductions. By combining them, you can get optimal tax-saving results.
Brian Stautberg
Mar 223 min read
President Biden’s proposed budget highlights his tax agenda
President Biden has laid out his proposals for tax law changes in the fiscal year 2025 budget.
Avleen Marwah
Mar 193 min read
How renting out a vacation property will affect your taxes
Many people who own vacation homes rent them out to earn extra income. Renting them out may even provide tax breaks. Here are the rules.
Mark Picard
Mar 183 min read
Bartering is a taxable transaction even if no cash is exchanged
If your small business wants to exchange goods & services without exchanging money, you may be able to barter. Be aware of tax consequences.
Linda Brogan
Mar 123 min read
Beware of a stealth tax on Social Security benefits
Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the...
Gwen DiMeo
Mar 113 min read
Maximize the QBI deduction before it’s gone
The QBI deduction is scheduled to disappear after 2025. Here’s what you need to know to make the most of it while you can.
Mark Picard
Feb 282 min read
New option for unused funds in a 529 college savings plan
There’s a new option that allows parents to transfer unused funds in a 529 plan to a Roth IRA. Here are the details.
Michele Perry
Feb 284 min read
Independent contractor vs. employee status: The DOL issues new final rule
The deadline to comply with a new U.S. Dept. of Labor rule regarding worker classification is fast approaching. Is your company ready?
Rose Wilson
Feb 213 min read
Small businesses can help employees save for retirement, too
Nowadays, even small businesses are often expected to help employees save for retirement. Here are some easy ways to do so.
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