Year-end tax planning strategies for businesses
Fri, Nov 1, 2024

As 2024 is nearing its end, now is a good time for businesses to consider year-end moves that can help reduce their tax bills. This article explores several year-end tax planning strategies for businesses to consider. A brief sidebar answers the question of whether companies can write off bad business debts.

Year-end tax planning moves for individuals
Fri, Nov 1, 2024

It’s almost holiday season, so taxes probably aren’t top of mind for taxpayers. But along with the festivities, it’s also a good time to consider tax strategies that may reduce this year’s tax bill — and possibly future years’ tax bills as well. Here are three tax planning moves that might trim the fat off a 2024 tax bill.

Want to find out what IRS auditors know about your industry?
Fri, Nov 1, 2024

To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit Techniques Guides (ATGs) to do so. A little-known secret is that these guides are available to the public on the IRS website. In other words, a business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.

Seniors: A taxwise alternative to selling your appreciated home
Fri, Nov 1, 2024

In recent years, the residential real estate market has surged in many areas. That means there are more seniors with highly appreciated homes than ever before. Here’s one tax-saving strategy to consider for seniors who may be wondering whether they should sell or stay in their home — and may be concerned about the tax bill.

Boost morale and save taxes with achievement awards
Tue, Oct 1, 2024

Some small businesses have been struggling with morale for a variety of reasons, one of which may be economic uncertainty. They might be able to boost their employees’ spirits with a relatively low-cost fringe benefit: an achievement awards program. This article discusses the tax implications of such a program and the importance of determining whether it is nonqualified or qualified.

The rise of check kiting and other check fraud
Tue, Oct 1, 2024

Despite the business community’s rapid adoption of digital payment methods, some companies continue to rely on paper checks. But there’s a long-standing problem with checks: They make businesses vulnerable to several damaging types of fraud, including check kiting. This article describes how a check kiting scheme works.

When is employer-provided life insurance taxable?
Tue, Oct 1, 2024

Employer-provided life insurance can be a great benefit, with the cost partially excluded from an employee’s taxable income. Participating employees need to be aware that this exclusion only applies to the first $50,000 in coverage, and the employer-paid cost of the excess will be reported on the employee’s Form W-2. This is true even if the life insurance benefits are never received. 

An IRA withdrawal strategy with tax-reducing power
Tue, Oct 1, 2024

With only a couple of months left in this year, many taxpayers are looking for ways to lower their 2024 tax bills. If you’re charitably inclined, own an IRA and are at least 70 ½, here’s one option: Use IRA funds to donate directly to an IRS-approved charity. This article outlines the requirements, benefits and limitations of qualified charitable distributions (QCDs).

Tax Calendar
Tue, Oct 1, 2024

his calendar notes important tax deadlines for the fourth quarter of 2024.

Are you aware of the business credits available?
Tue, Sep 3, 2024

It’s a challenging time to grow a business. So, any help a business owner can get in the form of tax credits, tax exemptions and other incentives can make a big difference. Unfortunately, these incentives often go unclaimed. This article explains two types of tax incentives: statutory and discretionary. A brief sidebar explores the availability of states’ sales tax exemptions.

Business succession and estate planning should be inseparable
Tue, Sep 3, 2024

A business owner’s most valuable asset is likely to be his or her company. Thus, addressing it in an estate plan is critical in case, for example, the owner dies unexpectedly or becomes disabled. This article explains that an estate plan can help provide a smooth transition of the business to the owner’s children or other family members.

Home sale: Failure to plan may raise your tax bill
Tue, Sep 3, 2024

Roughly two-thirds of Americans say they pay too much in federal taxes, according to a recent poll. When it comes to selling a home, however, a homeowner may be able to lower their federal tax bill with proactive planning.  Here’s an example of how a homeowner selling a personal residence can make the most of applicable tax law.

Medicare premiums may lead to tax savings
Tue, Sep 3, 2024

Do you pay premiums for Medicare health insurance? You may be able to combine them with other qualifying health care expenses and claim them as an itemized deduction for medical expenses on your tax return. This includes amounts for “Medigap” insurance and Medicare Advantage plans, which cover some costs that Medicare Parts A and B don’t cover.