tax
If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an…
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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…
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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…
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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…
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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…
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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…
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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…
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“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…
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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…
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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…
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