Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken.
This issue is more likely to arise in connection with a financially troubled corporation.
Continue Reading The Deductibility of Corporate Expenses Covered by Officers and Shareholders
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.
Continue Reading Are You Planning Your Estate or Have Inherited Assets?
Your not-for-profit may prefer to avoid activities that subject it to unrelated business income tax (UBIT). But if you accept advertising or sponsorships that aren’t substantially related to your tax-exempt purpose, you may unwittingly expose your organization to UBIT liability.
The rules governing these types of support are complicated, so it’s important to have a basic understanding of what is and what isn’t potentially taxable.
Continue Reading What’s Taxable for Your Not-for-Profit’s Sponsorships and Advertising?
Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment expenses for the production of income.
But they’re deductible if they’re considered trade or business expenses.
Continue Reading Can Taxpayers Who Manage Their Own Investment Portfolios Deduct Related Expenses?
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021.
Here’s a rundown of the rules.
Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them.
But there may be a bright side: You may qualify for a tax break for paying the premiums.
Continue Reading Writing Off Medicare Premiums on Seniors’ Tax Returns
If you’re a parent with a college-bound child, you may be concerned about a college fund, being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses.
Here are some possible options.
If you’re retiring soon, you’ll experience changes in your lifestyle and income sources that may have numerous tax implications.
Here’s a brief rundown of four tax and financial issues you may deal with when retiring:
Continue Reading 4 Potential Tax Issues if You’re Retiring Soon
If you’re a business owner hiring your children this summer, you can obtain tax breaks and other nontax benefits.
The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to:
Continue Reading The Tax and Nontax Benefits of Hiring Your Children
Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021.
Continue Reading What Parents can Expect from American Rescue Plan Act