Partners may have to report more income on tax returns than they receive in cash
In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships. Here’s why.
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Outlook
News, views, and ideas shaping the future.
Brian Stautberg
May 31, 20224 min read
Proposed regs for inherited IRAs bring unwelcome surprises
The SECURE Act nixed the “stretch IRA” & replaced it with a new 10-year rule on inherited IRAs.
Avleen Marwah
May 18, 20222 min read
IRA charitable donations: An alternative to taxable required distributions
Here’s a strategy for older taxpayers who are philanthropically inclined and also take distributions from their traditional IRAs.
Linda Brogan
May 10, 20222 min read
Caring for an elderly relative? You may be eligible for tax breaks
You may have overlooked some tax breaks if you are caring for an elderly relative. Here’s a rundown.
Wally Khoury
May 10, 20222 min read
Inflation enhances the 2021 amounts for Health Savings Accounts
If your business provides HSAs to employees, you know they have many benefits. Here are a few of them, along with amounts for 2023.
Janie Evans
May 4, 20222 min read
Valuable gifts to charity may require an appraisal
There are certain requirements if you donate valuable assets to charity. Here are the requirements for obtaining an appraisal.
Gwen DiMeo
May 3, 20222 min read
Businesses may receive notices about information returns that don't match IRS records
If your business has independent contractors or makes other payments to customers or others, you probably file 1099 forms with the IRS.
Chris Collins
Apr 26, 20222 min read
The tax mechanics involved in the sale of trade or business property
The tax treatment of the sale of business assets can be complex. Here’s an overview.
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Apr 26, 20222 min read
Want to turn a hobby into a business? Watch out for the tax rules
Writing, painting, & crafts are just some of the hobbies that taxpayers turn into businesses. Can they deduct losses on their tax returns?
Jamie Applegate
Apr 20, 20223 min read
Thinking about converting your home into a rental property?
What are the tax consequences if you buy another home but decide to keep your current home and rent it out?
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Apr 18, 20222 min read
Tax considerations when adding a new partner at your business
If you’re looking for a new partner to add to your partnership, there may be tax challenges ahead.
Mike Hawkins
Apr 12, 20222 min read
Tax issues to assess when converting from a C corporation to an S corporation
If your business operates as a C corporation, you may save tax by becoming an S corporation. Here’s a rundown of four issues to consider.
Victoria Ma
Apr 6, 20223 min read
Selling mutual fund shares: What are the tax implications?
Selling mutual fund shares involves many complex factors. Here are the basic rules.
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Apr 4, 20222 min read
Fully deduct business meals this year
Wining and dining customers and employees can result in tax deductions and for 2022, the write-offs are bigger than usual.
Jay Rueger
Mar 30, 20223 min read
It's almost that time of year again! If you're not ready, file for an extension
If you can’t file by the April 18 tax deadline, here’s what you should do to avoid steep penalties.
Jamie Applegate
Mar 23, 20223 min read
The tax rules of renting out a vacation property
A vacation home is more than a place to relax. It also may provide tax breaks. Here are the rules if you rent it out for part of the year.
Gwen DiMeo
Mar 22, 20222 min read
Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions
Tax planning actions for your business partially depend on federal income tax rates. Here are some ideas if you think rates could increase.
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Mar 14, 20222 min read
Establish a tax-favored retirement plan
If you’re a business owner, there’s still time to establish most types of plans for LAST year.
Mike Hawkins
Mar 7, 20223 min read
Does your business barter? Here are some facts you should know
Bartering is especially popular during tough economic times. But if you trade goods or services, be aware of the tax consequences.
Linda Brogan
Mar 1, 20222 min read
There still may be time to cut your tax bill with an IRA
To help ensure financial security in retirement, saving now on a tax-favored basis is a smart move.
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