Getting a new business off the ground: How start-up expenses are handled on your tax return
Business applications have increased over the past year. If you’re launching a business, here’s how start-up expenses are treated.
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Outlook
News, views, and ideas shaping the future.
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Jul 22, 20213 min read
PPP forgiveness and repayment: What businesses need to know now
If you received a PPP loan, important forgiveness deadlines are approaching. Are you ready?
Sarah Dmytryk
Jul 20, 20212 min read
There's currently a "stepped-up basis" if you inherit property - but will it last?
Have you inherited assets or are you planning your estate? Understand the current “step-up” basis rules & why they may change.
Joey Schroeder
Jul 20, 20214 min read
Potential refunds when working from home
The intersection of taxes & working from home has been an area of interest & recently the state of Ohio has addressed a couple of issues.
Janie Evans
Jul 19, 20212 min read
Can taxpayers who manage their own investment portfolios deduct related expenses? It depends
Are you an investor or a trader? The difference is important for tax purposes.
Mary Pat Brady
Jul 12, 20212 min read
Who in a small business can be hit with the "Trust Fund Recovery Penalty?"
The IRS will impose the “Trust Fund Recovery Penalty” on certain business owners & managers if employment taxes aren’t paid. Are you liable?
Mike Hawkins
Jul 6, 20212 min read
10 facts about the pass-through deduction for qualified business income
Owners of “pass-through” businesses can claim a valuable tax deduction that was created by a 2017 law. What is it worth? Who is eligible?
Gwen DiMeo
Jul 6, 20213 min read
IRS audits may be increasing, so be prepared
An IRS audit seems scary but may be nothing to worry about. Here are some tips on how to help come out of an audit with a favorable result.
Brian Stautberg
Jun 29, 20214 min read
Here come the child tax credit payments: What you need to know
If you have children age 17 or under, it’s critical to understand the recent changes made to the child tax credit.
Victoria Ma
Jun 29, 20212 min read
Are you a nonworking spouse? You may still be able to contribute to an IRA
Married spouses who don’t work outside the home may still be able to contribute to an IRA. Here are the rules for 2021 for spousal IRAs.
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Jun 28, 20213 min read
Eligible Businesses: Claim the Employee Retention Tax Credit
Is your business eligible to claim the ERTC? The money can help with costs incurred in hiring and retaining employees during the pandemic.
Linda Brogan
Jun 22, 20212 min read
Seniors may be able to write off Medicare premiums on their tax returns
If you have Medicare insurance, it can be expensive to get the coverage you want. Here are the rules to deduct the cost of premiums.
Wally Khoury
Jun 21, 20212 min read
Traveling for business again? What can you deduct?
On the road again for business? Here’s a rundown of costs you can deduct for business travel.
Avleen Marwah
Jun 15, 20212 min read
Tax-favored ways to build up a college fund
Your college savings can go farther with tax-favored vehicles. Here are some options.
Tricia Austing
Jun 8, 20212 min read
Retiring soon? 4 tax issues you may face
Tax planning is still important after you retire. Here are some of the tax implications of retirement.
Debora Girardot
Jun 7, 20212 min read
Recordkeeping DOs and DON'Ts for business meal and vehicle expenses
Keeping meticulous business records for meal and vehicle expenses can protect your tax deductions. Here are some DOs and DON’Ts.
Mike Hawkins
Jun 1, 20212 min read
Hiring your minor children this summer? Reap tax and nontax benefits
Are you a business owner with teenage or college-age children who constantly need cash? You may want to hire them to work at your business.
Linda Brogan
Jun 1, 20212 min read
Plan ahead for the 3.8% Net Investment Income Tax
If you’re subject to the 3.8% net investment income tax, you should include it in your tax planning. Here are some strategies to minimize it
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May 25, 20212 min read
The IRS has announced 2022 amounts for Health Savings Accounts
Businesses that provide HSAs to employees know they have many benefits. Here are a few of them and the inflation-adjusted amounts for 2022.
Avleen Marwah
May 25, 20212 min read
Many parents will receive advance tax credit payments beginning July 15
About 39 million households covering 88% of children in the U.S. will begin receiving monthly tax credit payments soon. Here are the details
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