General Tax

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Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. However, for businesses, the aggregate value of tax credits may be limited by the general business credit (GBC).
VIDEO: In the world of real estate, the Section 1031 exchange has been a significant tool for investors who want to grow their real estate portfolio and wealth. In this video, we'll explain how a 1031 exchange works and important considerations when using one.
VIDEO: You likely have at least one old retirement account if you've ever changed employers. These accounts stay exactly as you left them unless you take action. In this video, we'll provide options for what to do with those old accounts.
IRS examiners use publications called IRS Audit Techniques Guides to prepare for audits in certain industries and those with various issues. The publications are available to the public, so you can read them to gain insight into what the IRS looks for in terms of compliance.
When a parent enters a nursing home, taxes are probably the last thing on anyone’s mind. But it’s important to know that several nursing home tax breaks may be available to help offset some of the costs.
Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy at death. The policy’s proceeds will be included in your taxable estate and may be subject to estate tax.
Business auto tax depreciation rules are complicated, and complex calculations are involved in claiming depreciation deductions for the business use of a passenger automobile. Special limitations apply to vehicles classified as a passenger auto (which could include many pickups and SUVs).
Private foundations can be highly effective for people who want to leave a charitable legacy, but they’re expensive to set up and operate. Donor-advised funds (DAF) are a popular alternative, but they also have potential drawbacks.
Do your tax planning strategies need a refresh? The best tax planning strategies for you will evolve as your situation changes, whether due to life events, economic developments or new tax laws.
Businesses may be familiar with the rule that permits them to deduct employee bonuses this year if they pay them to employees within 2½ months after the end of the tax year. It’s an attractive year-end planning technique that lets a business enjoy a tax deduction this year while its
Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. Understanding the tax implications of a business sale will help the owner plan for, and, in some cases, reduce, the tax impact.
In a recent announcement, the Social Security Administration stated that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023).
The IRS recently announced the special “per diem” rates that became effective October 1, 2023. Here are the basics of these rates.
If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law.
Do you and your spouse operate a profitable unincorporated small business? If so, a spouse-run business is generally classified as a partnership and can face some challenging tax issues.
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