Tailored Tidbits
Small Business & Individual Tax Briefs
► Watch out for “income in respect of a decedent” issues when receiving an inheritance
► When businesses may want to take a contrary approach with income and deductions
► The pros and cons of turning your home into a rental
► Don’t have a tax-favored retirement plan? Set one up now
► Keep these 3 issues in mind after you file your return
► Scrupulous records and legitimate business expenses are the key to less painful IRS audits
► The tax deadline is almost here: File for an extension if you’re not ready
► 2024 Q2 tax calendar: Key deadlines for businesses and employers
► Update on retirement account required minimum distributions
► Coordinating Sec. 179 tax deductions with bonus depreciation
► How renting out a vacation property will affect your taxes
► Bartering is a taxable transaction even if no cash is exchanged
► Beware of a stealth tax on Social Security benefits
► Maximize the QBI deduction before it’s gone
► A job loss is bad but the tax implications could make it worse
► Better tax break when applying the research credit against payroll taxes
► New option for unused funds in a 529 college savings plan
► Tax-wise ways to take cash from your corporation while avoiding dividend treatment
► If you didn’t contribute to an IRA last year, there’s still time
► Taking your spouse on a business trip? Can you write off the costs?
► Get ready for the 2023 gift tax return deadline
► What’s the best accounting method route for business tax purposes?
► Filing jointly or separately as a married couple: What’s the difference?
► 9 tax considerations if you’re starting a business as a sole proprietor
► If you gave to charity in 2023, check to see that you have substantiation
► Update on IRS efforts to combat questionable Employee Retention Tax Credit claims
► Answers to your tax season questions
► Should your business offer the new emergency savings accounts to employees?
► Tax-favored Qualified Small Business Corporation status could help you thrive
► New Threshold for Filing Electronic Information Returns Kicked In Jan. 1
► The kiddie tax could affect your children until they’re young adults
► Does your business have employees who get tips? You may qualify for a tax credit
► It’s possible (but not easy) to claim a medical expense tax deduction
► Defer a current tax bill with a like-kind exchange
► Don’t overlook taxes when contemplating a move to another state
► The standard business mileage rate will be going up slightly in 2024
► Court awards and out-of-court settlements may (or may not) be taxed
► 2024 Q1 tax calendar: Key deadlines for businesses and other employers
► The “nanny tax” must be paid for nannies and other household workers
► Giving gifts and throwing parties can help show gratitude and provide tax breaks
► A company car is a valuable perk but don’t forget about taxes
► Year-End Tax Planning Tips for Individuals
► Don’t forget to empty out your flexible spending account
► There still may be time to reduce your small business 2023 tax bill
► Key 2024 inflation-adjusted tax amounts for individuals
► Key 2024 inflation-adjusted tax parameters for small businesses and their owners
► A cost segregation study may cut taxes and boost cash flow
► What you need to know about restricted stock awards and taxes
► Choosing a business entity: Which way to go?
► Contributing to your employer’s 401(k) plan: How it works
► New per diem business travel rates kicked in on October 1
► Facing a future emergency? Two new tax provisions may soon provide relief
► The Social Security wage base for employees and self-employed people is increasing in 2024
► Are scholarships tax-free or taxable?
► Business automobiles: How the tax depreciation rules work
► The tax implications of renting out a vacation home
► How IRS auditors learn about your business industry
► Casualty loss tax deductions may help disaster victims in certain cases
► What types of expenses can’t be written off by your business?
► What are the tax implications of winning money or valuable prizes?
► 2023 Q4 tax calendar: Key deadlines for businesses and other employers
► Evaluate whether a Health Savings Account is beneficial to you
► It’s important to understand how taxes factor into M&A transactions
► Investment swings: What’s the tax impact?
► Spouse-run businesses face special tax issues
► Plan now for year-end gifts with the gift tax annual exclusion
► Update on depreciating business assets
► Selling your home for a big profit? Here are the tax rules
► Divorcing business owners should pay attention to the tax consequences
► The tax consequences of employer-provided life insurance
► Guaranteeing a loan to your corporation? There may be tax implications
► Disabled family members may be able to benefit from ABLE accounts
► Planning ahead for 2024: Should your 401(k) help employees with emergencies?
► Can you deduct student loan interest on your tax return?
► Receive more than $10,000 in cash at your business? Here’s what you must do
► Pocket a tax break for making energy-efficient home improvements
► The advantages of using an LLC for your small business
► Moving Mom or Dad into a nursing home? 5 potential tax implications
► A tax-smart way to develop and sell appreciated land
► Retirement account catch-up contributions can add up
► Corporate officers or shareholders: How should you treat expenses paid personally?
► Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”
► Use an S corporation to mitigate federal employment tax bills
► That email or text from the IRS: It’s a scam!
► Starting a business? How expenses will be treated on your tax return
► The best way to survive an IRS audit is to prepare
► The Trust Fund Recovery Penalty: Who can it be personally assessed against?
► Are you married and not earning compensation? You may be able to put money in an IRA
► 2023 Q3 tax calendar: Key deadlines for businesses and other employers
► When can seniors deduct Medicare premiums on their tax returns?
► Advantages and disadvantages of claiming big first-year real estate depreciation deductions
► Reduce the impact of the 3.8% net investment income tax
► Traveling for business this summer? Here’s what you can deduct
► Benefits of a living trust for your estate
► Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses
► Being a gig worker comes with tax consequences
► The IRS has just announced 2024 amounts for Health Savings Accounts
► 4 tax challenges you may encounter if you’re retiring soon
► If you’re hiring independent contractors, make sure they’re properly handled
► Use the tax code to make business losses less painful
► Education benefits help attract, retain and motivate your employees
► Tax news for investors and users of cryptocurrency
► 4 ways corporate business owners can help ensure their compensation is “reasonable”
► There’s a favorable “stepped-up basis” if you inherit property
► Take advantage of the rehabilitation tax credit when altering or adding to business space
► Paperwork you can toss after filing your tax return
► Retirement saving options for your small business: Keep it simple
► The tax rules for donating artwork to charity
► The tax advantages of hiring your child this summer
► Some taxpayers qualify for more favorable “head of household” tax filing status
► Choosing an entity for your business? How about an S corporation?
► Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return
► 2023 Q2 tax calendar: Key deadlines for businesses and employers
► The 2022 gift tax return deadline is coming up soon
► Changes in Sec. 174 make it a good time to review the R&E strategy of your business
► Claiming losses on depreciated or worthless stock
► Protect the “ordinary and necessary” advertising expenses of your business
► Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances
► Buying a new business vehicle? A heavy SUV is a tax-smart choice
► There still may be time to make an IRA contribution for last year
► Do you run a business from home? You may be able to deduct home office expenses
► Child Tax Credit: The rules keep changing but it’s still valuable
► Key tax issues in M&A transactions
► Answers to your questions about 2023 limits on individual taxes
► Have employees who receive tips? Here are the tax implications
► Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty
► Many tax limits affecting businesses have increased for 2023
► Why you might want to file early and answers to other tax season questions
► Forms W-2 and 1099-NEC are due to be filed soon
► Tax-saving ways to help pay for college — once your child starts attending
► How the new SECURE 2.0 law may affect your business
► Tax-wise ways to save for college
► Employers should be wary of ERC claims that are too good to be true
► Renting to a relative? Watch out for tax traps
► The standard business mileage rate is going up in 2023
► A Dozen Ways the SECURE 2.0 Law Helps Individuals and Employees
► How to minimize the S corporation LIFO recapture tax
► 2023 Q1 tax calendar: Key deadlines for businesses and other employers
► Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?
► Answers to your questions about taking withdrawals from IRAs
► Choosing a business entity? Here are the pros and cons of a C corporation
► Strategies for investors to cut taxes as year-end approaches
► Intangible assets: How must the costs incurred be capitalized?
► Year-end giving to charity or loved ones
► Is your business closing? Here are your final tax responsibilities
► Computer software costs: How does your business deduct them?
► Adopting a child? Bring home a tax break too
► 2023 limits for businesses that have HSAs — or want to establish them
► How inflation will affect your 2022 and 2023 tax bills
► Inflation means you and your employees can save more for retirement in 2023
► You may be liable for “nanny tax” for all types of domestic workers
► Employers: In 2023, the Social Security wage base is going up
► Plan now to make tax-smart year-end gifts to loved ones
► Providing fringe benefits to employees with no tax strings attached
► Social Security Recipients Will Receive a Large Increase in 2023
► Tax and other financial consequences of tax-free bonds
► What local transportation costs can your business deduct?
► Investing in the future with a 529 education plan
► Worried about an IRS audit? Prepare in advance
► Year-end tax planning ideas for individuals
► Work Opportunity Tax Credit provides help to employers
► Don’t forget income taxes when planning your estate
► 2022 Q4 tax calendar: Key deadlines for businesses and other employers
► Seller-paid points: Can homeowners deduct them?
► Separating your business from its real estate
► Is your income high enough to owe two extra taxes?
► Year-end tax planning ideas for your small business
► The Inflation Reduction Act: What’s in it for you?
► Inflation Reduction Act provisions of interest to small businesses
► Home sweet home: Do you qualify for office deductions?
► Self-employed? Build a nest egg with a solo 401(k) plan
► An “innocent spouse” may be able to escape tax liability
► The House and Senate Pass the Wide-Ranging Inflation Reduction Act
► Why an LLC might be the best choice of entity for your business
► Estimated tax payments: Who owes them and when is the next one due?
► Is your business required to report employee health coverage?
► Is your withholding adequate? Here’s how to check
► How to treat business website costs for tax purposes
► How to avoid the early withdrawal tax penalty on IRA distributions
► Three tax breaks for small businesses
► The kiddie tax: Does it affect your family?
► Important considerations when engaging in a like-kind exchange
► Interested in an EV? How to qualify for a powerful tax credit
► The tax obligations if your business closes its doors
► How disability income benefits are taxed
► How do taxes factor into an M&A transaction?
► Vehicle expenses: Can individual taxpayers deduct them?
► 2022 Q3 tax calendar: Key deadlines for businesses and other employers
► Five tax implications of divorce
► Businesses will soon be able to deduct more under the standard mileage rate
► Your estate plan: Don’t forget about income tax planning
► Is your corporation eligible for the dividends-received deduction?
► Social Security benefits: Do you have to pay tax on them?
► Help when needed: Apply the research credit against payroll taxes
► Is it a good time for a Roth conversion?
► Calculating corporate estimated tax
► The ins and outs of Series EE savings bond taxation
► Partners may have to report more income on tax returns than they receive in cash
► IRA charitable donations: An alternative to taxable required distributions
► Businesses: Prepare for the lower 1099-K filing threshold
► Caring for an elderly relative? You may be eligible for tax breaks
► Inflation enhances the 2023 amounts for Health Savings Accounts
► Valuable gifts to charity may require an appraisal
► Businesses may receive notices about information returns that don’t match IRS records
► Want to turn a hobby into a business? Watch out for the tax rules
► The tax mechanics involved in the sale of trade or business property
► Thinking about converting your home into a rental property?
► Tax considerations when adding a new partner at your business
► Once you file your tax return, consider these 3 issues
► Tax issues to assess when converting from a C corporation to an S corporation
► Selling mutual fund shares: What are the tax implications?
► Fully deduct business meals this year
► It’s almost that time of year again! If you’re not ready, file for an extension
► 2022 Q2 tax calendar: Key deadlines for businesses and other employers
► The tax rules of renting out a vacation property
► When inheriting money, be aware of “income in respect of a decedent” issues
► Establish a tax-favored retirement plan
► Lost your job? Here are the tax aspects of an employee termination
► Does your business barter? Here are some facts you should know
► Are you ready for the 2021 gift tax return deadline?
► Can you deduct the costs of a spouse on a business trip?
► Commission fraud: When salespeople get paid more than they’ve earned
► Married couples filing separate tax returns: Why would they do it?
► Making withdrawals from your closely held corporation that aren’t taxed as dividends
► Did you give to charity in 2021? Make sure you have substantiation
► Important tax aspects of operating your business as a sole proprietor
► Keeping meticulous records is the key to tax deductions and painless IRS audits
► Keeping meticulous records is the key to tax deductions and painless IRS audits
► Entrepreneurs and taxes: How expenses are claimed on tax returns
► Numerous tax limits affecting businesses have increased for 2022
► How will revised tax limits affect your 2022 taxes?
► Businesses with employees who receive tips may be eligible for a tax credit
► Defer tax with a like-kind exchange
► 7 Personal Financial Resolutions for 2022
► 2022 Q1 tax calendar: Key deadlines for businesses and other employers
► How are court awards and out-of-court settlements taxed?
► Providing a company car? Here’s how taxes are handled
► Feeling generous at year end? Strategies for donating to charity or gifting to loved ones
► With year-end approaching, 3 ideas that may help cut your tax bill
► Small businesses: There still may be time to cut your 2021 taxes
► New digital asset reporting requirements will be imposed in coming years
► Infrastructure law sunsets Employee Retention Credit early
► Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties
► Many factors are involved when choosing a business entity
► Would you like to establish a Health Savings Account for your small business?
► Employers: The Social Security wage base is increasing in 2022
► Get your piece of the depreciation pie now with a cost segregation study
► New per diem business travel rates became effective on October 1
► 2021 Q4 tax calendar: Key deadlines for businesses and other employers
► M&A transactions: Be careful when reporting to the IRS
► Tax depreciation rules for business automobiles
► Tax breaks to consider during National Small Business Week
► Claiming a theft loss deduction if your business is the victim of embezzlement
► Want to find out what IRS auditors know about your business industry?
► Getting a divorce? Be aware of tax implications if you own a business
► Possible tax consequences of guaranteeing a loan to your corporation
► Large cash transactions with your business must be reported to the IRS
► Don’t Miss These Often-Overlooked Overtime Pay Requirements
► The deductibility of corporate expenses covered by officers or shareholders
► Getting a new business off the ground: How start-up expenses are handled on your tax return
► Who in a small business can be hit with the “Trust Fund Recovery Penalty?”
► 10 facts about the pass-through deduction for qualified business income
► Eligible Businesses: Claim the Employee Retention Tax Credit
► Traveling for business again? What can you deduct?
► Recordkeeping DOs and DON’Ts for business meal and vehicle expenses
► Hiring your minor children this summer? Reap tax and nontax benefits
► The IRS has announced 2022 amounts for Health Savings Accounts
► An S corporation could cut your self-employment tax
► Help ensure the IRS doesn’t reclassify independent contractors as employees
► Providing education assistance to employees? Follow these rules
► Claiming the business energy credit for using alternative energy
► Know the ins and outs of “reasonable compensation” for a corporate business owner
► Simple retirement savings options for your small business
► Tax advantages of hiring your child at your small business
► Need a new business vehicle? Consider a heavy SUV
► Is an S corporation the best choice of entity for your business?
► Business highlights in the new American Rescue Plan Act
► Launching a small business? Here are some tax considerations
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