If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Tax-free property transfers You can generally divide most assets, including cash and business ownership interests,…Read More
Claiming the energy-efficient commercial buildings deduction Businesses that have invested in energy efficiency — or are considering doing so — shouldn’t overlook the Section 179D deduction for energy-efficient commercial buildings. This tax break offers valuable deductions (up to $1.80 per square foot) for the cost of energy-efficient improvements to new or existing commercial and some…Read More
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take a certain “coronavirus-related distribution” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution? Early distribution basics In general, if you withdraw money from an IRA or…Read More
Health Reimbursement Accounts, also known as HRAs, are a type of health care benefit that can be offered to employees and their dependents. These employer-funded accounts are used to reimburse eligible medical expenses. All reimbursements are excluded from the employee’s taxable income and are deductible by the employer. However, to participate in a traditional HRA,…Read More
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