Article Highlights: Predicting Social Security Income Planning for the Future Employer Retirement Plans Tax Incentive Retirement Savings Plans Are you ignoring your future retirement needs? That tends to happen when you are younger, retirement is far in the future, and you believe you have plenty of time to save for it. Some people ignore the issue until late in life and then have to [...]
When we're young and vibrant, we think that we'll never grow old. We enjoy each day never thinking there might come a day when we'll need help to get by. When we think of elder care, we might picture a nonagenarian in a wheelchair living in a nursing home telling stories to the compassionate caregiver sitting by her side. In truth, there is far [...]
There is no denying that we are an increasingly mobile society. In addition, we are increasingly technologically dependent. In a new city would you have any hope of finding your way without your cell phone? All of these facts mean that we are frequently working - and charging - on the go. From hospitals to airports to office buildings, you will find helpful USB [...]
Article Highlights: Taxation of Inherited Property Inherited Basis Date of Death Value Alternate Valuation Date Joint Tenants Married Gain or Loss on Sale Certified Appraisals Deducting Loss on Sale of Inherited Home If you are the recent beneficiary of an inheritance, you may be wondering if you will need to pay tax on the cash, stocks or real property that you received. Generally, the [...]
Article Highlights: Sale of a Rental Property Converted to a Personal Residence Exclusion of Gain on Sale of Personal Residence – The Ownership and Use Tests Partial Exclusion of Gain The Impact of a Rental Period After 2008 Depreciation Recapture Reporting the Sale Deductions When a Rental Property Is Converted to a Personal Residence Converting a rental property to a personal residence raises unique [...]
Article Highlights: Inflation Reduction Act Research Credit Payroll Tax Option Research Credit Qualified Research Qualified Small Business Making the Election Inflation Reduction Act The Inflation Reduction Act that President Biden signed into law in August of 2022, has a provision that could benefit many small business startups, allowing them to potentially double the amount of the research and development tax credit that can be [...]
Article Highlights: Background Court Battle Forgiveness Under Income-Driven Repayment (IDR) Plans Debt Relief Income American Rescue Plan Act General Welfare Exception Insolvent Taxpayer Exclusion Employer-Provided Educational Assistance Sec 529 Plans Back in August of 2022, President Biden issued an executive order that would forgive federal student loan debt for lower income individuals.The program would have provided up to $20,000 in loan relief to borrowers [...]
Article Highlights: Start Off on the Right Foot Sole Proprietor Partnership Joint Venture C-Corporation o Qualified Small Business Stock o Section 1244 Election S-Corporation Limited Liability Company When you are starting a business there are several possible business entity types that need be considered to make sure you get started off on the right foot and avoid costly mistakes that must be corrected later or those [...]
Ready to hit the sand? As a business owner, it can be challenging to take time off. Even if you start a business to make your own hours, it doesn't always work out that way. However, it’s important to recharge and reconnect with family and friends. Looking to schedule your next getaway? There are some things you can do to make it easier to [...]
Article Highlights: What is the Work Opportunity Tax Credit? Maximum Credit Who Can Claim the Credit? Qualified Employees Pre-screening and Certification Tax-exempt Employers Summer is upon us, which signals the need for seasonal employees to fill in for workers who are on vacation during the busy months ahead and even for some gearing up for the upcoming hectic holiday season. However, given the current [...]
