tax benefits

house for rent concept

Thinking about converting your home into a rental property?

In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the…

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Hiring your minor child this summer?

Hiring Your Minor Child this Summer? Reap Tax and Nontax Benefits

If you’re a business owner and you hire your child this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with…

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COVID relief section 139

Section 139: How to Provide Your Employees with Tax-Free COVID-19 Relief

The COVID-19 pandemic has led to a surge in unemployment. And while people who have been furloughed or lost their jobs are among the hardest hit by the pandemic, those…

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entity choice c or s corporation

The Right Entity Choice: Should You Convert from a C to an S Corporation?

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type…

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traditional IRA vs. Roth IRA

2020 May be the Best Year to Convert a Traditional IRA to a Roth IRA

Differences Between Traditional and Roth IRAs The basic premise of a Traditional IRA is that it allows tax-deferred contributions.  This means that if certain criteria are met, taxpayers may deduct…

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donation tax benefits

What Your Donors Need to Know About Taxes and Contributions

The heightened fundraising needs many nonprofits are feeling right now make it important that potential donors understand the tax benefits they stand to reap. Here are some of the advantages…

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caring for your S corporation

The Proper Care and Feeding of Your S Corporation

Diligence required to avoid inadvertent termination and loss of tax benefits The S corporation continues to be a popular entity choice, combining the liability protection of a corporation with many…

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small business tax benefits

Is Your Small Business Eligible for Expanded Tax Benefits?

“Small” is bigger than ever Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes and simplify the reporting process. Until recently, federal…

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business loss rule

Excess Business Loss Rule May be Unfavorable to You

Sole proprietorships and pass-through entity structures, which include partnerships, S corporations and certain limited liability companies (LLCs), provide owners with some valuable tax benefits, such as avoidance of double taxation…

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