Outlook

News, views, and ideas shaping the future.

The tax advantages of hiring your child this summer

Apr 4, 20233 min read

The tax advantages of hiring your child this summer

Thinking about hiring your high-school or college-age child to work in your business? You could reap significant tax benefits.

Some taxpayers qualify for more favorable “head of household” tax filing status

Kristin Rohlfs

Mar 28, 20232 min read

Some taxpayers qualify for more favorable “head of household” tax filing status

You may pay less tax if you file your tax return as a “head of household” than if you file as a “single” individual. What’s the difference?

Choosing an entity for your business? How about an S corporation?

Troy Skeens

Mar 27, 20232 min read

Choosing an entity for your business? How about an S corporation?

There are several choices of entities for a new business venture. What about an S corporation? Here are the advantages.

Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

Victoria Ma

Mar 23, 20233 min read

Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

Of course, the deadline to file your 2022 tax return is in April. But here are a couple important deadlines in April for certain taxpayers.

The 2022 gift tax return deadline is coming up soon

Sarah Dmytryk

Mar 14, 20232 min read

The 2022 gift tax return deadline is coming up soon

April 18 is the deadline for filing a gift tax return if you made large gifts last year. Are you required to file one? You may want to.

Changes in Sec. 174 make it a good time to review the R&E strategy of your business

Mike Hawkins

Mar 14, 20232 min read

Changes in Sec. 174 make it a good time to review the R&E strategy of your business

A tax law passed in 2017 makes a major change to Section 174 research and experimental (R&E) expenses. Here’s what it might mean for you.

Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances

Sarah Dmytryk

Mar 1, 20232 min read

Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances

If you receive a personal injury settlement or award, do you have to pay tax on it? Here are the rules, along with two example court cases.

Feb 27, 20232 min read

Buying a new business vehicle? A heavy SUV is a tax-smart choice

Are you a business owner thinking about buying a vehicle to use in your enterprise? Here’s an option that may save you taxes this year.

There still may be time to make an IRA contribution for last year

Ellyn Strittholt

Feb 21, 20232 min read

There still may be time to make an IRA contribution for last year

If you want to help ensure your financial security in retirement, it's best to save now. If you qualify, you still have time to contribute.

Now hiring: 10 questions to ask bookkeeper candidates

Stu Collopy

Feb 17, 20232 min read

Now hiring: 10 questions to ask bookkeeper candidates

Hiring a bookkeeper for your small business can be a daunting task. Here are some helpful tips.

Reading the tea leaves: Potential tax legislation in the new Congress

Janie Evans

Feb 14, 20234 min read

Reading the tea leaves: Potential tax legislation in the new Congress

With Republicans now in control of the U.S. House of Representatives, what’s the fate of prospective tax legislation in 2023?

Child Tax Credit: The rules keep changing but it’s still valuable

Mark Picard

Feb 14, 20232 min read

Child Tax Credit: The rules keep changing but it’s still valuable

If you’re a parent, you know that children are expensive. Fortunately, there’s a federal Child Tax Credit that may help you with the expense

Jay Rueger

Feb 13, 20232 min read

Key tax issues in M&A transactions

Pay attention to taxes when buying or selling a business. After a transaction is complete, it may be too late to get the best tax results.

Answers to your questions about 2023 limits on individual taxes

Linda Brogan

Feb 8, 20232 min read

Answers to your questions about 2023 limits on individual taxes

How much is the standard deduction in 2023? Here are some Q&As about this & other tax-related amounts for 2023.

Have employees who receive tips? Here are the tax implications

Kristin Rohlfs

Feb 6, 20232 min read

Have employees who receive tips? Here are the tax implications

Here are some tax tips for businesses with employees who receive tips.

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

Whitney Hurtt

Feb 1, 20232 min read

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

Breaking into a retirement plan before age 59½ may result in a penalty tax. But there are exceptions. Here are the rules.

Many tax limits affecting businesses have increased for 2023

Wally Khoury

Jan 30, 20231 min read

Many tax limits affecting businesses have increased for 2023

Here’s how much your employees can contribute to a 401(k) and an HSA this year, as well as other important business tax amounts.

Forms W-2 and 1099-NEC are due to be filed soon

Bailey Crane

Jan 23, 20232 min read

Forms W-2 and 1099-NEC are due to be filed soon

January 31 is an important deadline for businesses with hired workers. Here’s what’s due.

Tax-saving ways to help pay for college — once your child starts attending

Troy Skeens

Jan 17, 20233 min read

Tax-saving ways to help pay for college — once your child starts attending

As any parent of a college student knows, higher education is expensive. Fortunately, there are some tax breaks for eligible parents.

Avleen Marwah

Jan 13, 20233 min read

Tax-wise ways to save for college

Before you know it, your youngsters will be heading to college. Here are some tax-saving ways to build an education fund.