Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially assist them. Mid-year is the perfect time for tax planning. The following are some events that can affect your tax return; you may [...]
If you are an employer looking for an attractive employee benefit that lets you plan contributions around your revenues, consider a 401(K) profit-sharing plan. These plans allow you to make pre-tax deposits to your employees' eligible retirement accounts after the end of each calendar year, providing the flexibility to determine exactly how much you want to contribute based on your finances and goals. The [...]
Article Highlights: The general statute: 3 years Longer duration in some states Fraud, failure to file and other issues that extend the statute's duration Keeping the actual return Ordering copies of previously filed returns This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents? Generally, individuals should hold on to their income tax records for [...]
Article Highlights: Is It Appropriate to Refinance Your Home Loan? Refinance Costs Interest Rates Credit Score Borrowing Additional Cash Mortgage Limit Loan Term State Treatment Itemizing Deductions With home mortgage rates at historic lows, it may be appropriate for you to consider refinancing your current mortgage. However, refinancing may not always be the greatest idea, even though mortgage rates are low, and even when [...]
Article Highlights: Definition of Flipping Government Will Share in the Profits Tax Treatment Depends on Being a Dealer, Investor or Homeowner Distinguishing a Dealer from an Investor With mortgage interest rates low, flipping real estate appears to be on the rise. This activity is even the theme of several popular reality TV shows. House flipping is, essentially, purchasing a house or property, improving it [...]
Article Highlights: IRS extends COVID-19 Relief Leave Donations Donating unused vacation time, sick leave, and personal time Employer’s Function Great Donation Opportunity As part of the emergency disaster declaration made by President Trump on March 13, 2020, it became possible for employees to donate their unused paid vacation time, sick leave, and personal time off to qualified charities that provided COVID-19 relief in 2020. [...]
Article Highlights Long-Term Capital Gains Rates Top Individual Tax Rate Pass-Through Income Subject to 3.8% NIIT or SECA Tax Limit Nonrecognition of Like-Kind Exchanges Transfer of Appreciated Property by Gift or Death Family-Owned and -Operated Businesses 15-Year Fixed-Rate Payment Plan Excess Business Loss Limitation Carried Interest Enhanced Financial Account Reporting The U.S. Treasury has released the Biden administration’s 2022 Fiscal Year Budget, which includes [...]
Article Highlights: Tax Recordkeeping Tips Receipts Auto Deductions Gifts Business Equipment Ordinary and Necessary Meals & Lodging Entertainment Home Office With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most commonly encountered pitfalls. Here are some tips to help [...]
As more employers bring employees back to the workplace and navigate new CDC guidance on mask-wearing, they may have questions about whether they can ask about an employee or applicant's COVID-19 vaccination status. Here are answers to frequently asked questions about vaccination inquiries. Q: Would asking employees to show proof that they received the COVID-19 vaccination violate the law? A: The federal Americans with [...]
If you're thinking about moving from your current locale, you're not alone. Americans are on the move for many different reasons: Remote work is increasingly popular and allows employees to live wherever they have access to WiFi, while tax changes introduced by the 2017 Tax Cuts and Jobs Act (TCJA) limited the important SALT (State and Local Tax) deduction to $10,000 for single and [...]
