tax
Given the exorbitant costs of higher education, many parents begin saving for college when their children are very young. A popular and effective tool for doing so is a 529…
Urbanization of our country’s natural habitats is a phenomenon that has been going on for decades and is still rampant today. The protection and preservation of nature versus the urbanization…
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide…
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a…
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could…
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…
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…