6 tax-free income opportunities Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without current federal income tax implications: Roth IRAs offer tax-free… Read More
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Navigating tax complexities: Craft partnership agreements and LLC operating agreements with precision
Navigating tax complexities: Craft partnership agreements and LLC operating agreements with precision Partnerships are often used for business and investment activities. So are multi-member LLCs that are treated as partnerships for tax purposes. A major reason is that these entities… Read More
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Restricted gifts: What to do when strings are attached
Restricted gifts: What to do when strings are attached Brad, the development director of an international environmental charity, was thrilled to learn from a fundraising staffer that one of the charity’s past supporters was promising to make a new, six-figure… Read More
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Business owners sometimes need to switch successors
Business owners sometimes need to switch successors For many business owners, choosing a successor is the most difficult task related to succession planning. Owners of family-owned businesses, who may have multiple children or other relatives to consider, particularly tend to… Read More
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Working remotely is convenient, but it may have tax consequences
Working remotely is convenient, but it may have tax consequences Many employees began working remotely during the pandemic and continue doing so today. Remote work has many advantages for employers and employees, and as a result, it’s here to stay… Read More
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Cash or accrual accounting: What’s best for tax purposes?
Cash or accrual accounting: What’s best for tax purposes? Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However,… Read More
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Update on a possible universal charitable deduction
Update on a possible universal charitable deduction During the COVID-19 pandemic, Congress temporarily enabled individual charitable donors who didn’t itemize federal income tax deductions to deduct up to $300 in contributions in both 2020 and 2021. This universal charitable deduction… Read More
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Does your company have an EAP? If so, be mindful of compliance
Does your company have an EAP? If so, be mindful of compliance Many businesses have established employee assistance programs (EAPs) to help their workforces deal with the mental health, substance abuse and financial challenges that have become so widely recognized… Read More
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Are you unfairly burdened by a spouse’s tax errors? You may qualify for “innocent spouse relief”
Are you unfairly burdened by a spouse’s tax errors? You may qualify for “innocent spouse relief Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse… Read More
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Understanding taxes on real estate gains
Understanding taxes on real estate gains Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect ownership of real estate via a… Read More