The Deductibility Of Medical Expenses
Individual taxpayers may be able to claim medical expense deductions on their tax returns. However, the rules can be challenging, and qualifying can be difficult.
Do You Run A Business From Home?
The pandemic changed the landscape of work for a lot of people, including the numerous business owners who began running their businesses from their homes.
Plan Ahead For Health Savings Accounts In 2024
The IRS has released guidance that includes the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSAs allow taxpayers to save money for health care expenses in a tax-advantaged way.
An “Innocent Spouse” May Be Able To Escape Tax Liability
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income.
A Possible Tax Quirk Of Being A Business Partner
If you’re a partner in a business, you may have encountered a situation that gave you pause. In any given year, you may have been taxed on more partnership income than was distributed to you.
Determining The Right Time To Transfer Wealth To Your Heirs
To gift or not to gift? It’s a deceptively complex question. The temporary doubling of the gift and estate tax exemption (to an inflation-adjusted $12.92 million in 2023) is viewed by many as a “use it or lose it” proposition.
Are Scholarships Taxable?
If your child has been awarded a scholarship, that’s cause for celebration. For some students, a scholarship means the difference between going to the college of their choice and starting at community college, or even not going at all. But be aware that scholarships may bring tax consequences. Generally, but not always Scholarships (and fellowships) […]
Family Businesses Must Beware of Fraud
Family businesses make up a huge percentage of companies in the United States and produce much of the country’s gross domestic product. Often defined as companies that are majority owned by a single family with two or more family members involved in their management, family businesses can be a significant source of wealth. However, they […]
The Tax Obligations If Your Business Closes Its Doors
Sadly, many businesses have been forced to shut down recently due to economic challenges. If this is your situation, we can help you meet the various tax responsibilities that go with closing a business. Tax returns Of course, a business must file a final income tax return and some other related forms for the year […]
Is It A Good Time For A Roth Conversion?
The volatility in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA invested in stocks, a decline may provide a valuable opportunity by allowing you to convert your traditional IRA to a Roth IRA at a lower tax cost. Traditional vs. Roth Here […]