tax
Tax reporting may be the last thing on your mind when planning a special fundraising event. But your not-for-profit should carefully track revenues and expenses and retain related documentation now…
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current…
Avoid capital gains tax with QSBS Qualified small business stock (QSBS) is an often overlooked, but potentially lucrative, investment. Be aware that it’s subject to several strict requirements. But if…
Most married couples assume they should file joint income tax returns, and usually, that’s the right choice. But under certain circumstances, there may be benefits to filing separate returns. Bear…
A primary reason people want to keep their assets out of probate is because it’s a public process. It can also be time consuming and costly. A living trust is…
The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act has been getting a lot of attention for its many provisions that make it easier for people to save…
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls…
Most people recognize the need for an estate plan. Among many other things, your plan can help ensure your family will be taken care of per your wishes after your…
Charitable deductions: Dot the i’s and cross the t’s Don’t underestimate the importance of the substantiation requirements for deductions of charitable gifts. In a recent U.S. Tax Court case, a…
There’s a common misconception that Social Security benefits are tax-free. In fact, many people pay federal tax on a portion of their benefits. Recent inflation has resulted in a record…
“Nonprobate assets” are those that bypass more traditional estate planning vehicles, such as a will or revocable trust. Instead, they’re transferred to family members through beneficiary designations. Nonprobate assets can…
The COVID-19 pandemic forced many employees to participate in a global experiment on the pros and cons of remote work. As a result, it’s here to stay for many businesses.…
Savvy investors know that taxes can have a big impact on their returns. And while tax considerations should generally take a back seat to sound investment strategies, as you review…
For most businesses, year-end tax planning involves a delicate balancing act, and the more flexibility that is built into the plan, the better. That’s because the tax code is in…
What is the Inflation Reduction Act? On August 16, 2022, President Joe Biden signed the Inflation Reduction Act (hereafter the Act) into law. The bill introduced a number of measures…