A vacation home is more than just a place to relax. It also may provide tax breaks. Here are the rules if you rent it out for part of the year.
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The best tax planning actions for your business partially depend on whether you expect federal income tax rates to go up, go down or stay the same in the future. Here are some ideas if you think rates could go up.
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Your beneficiary designations and jointly held assets can wreak havoc if you don’t coordinate them carefully with the rest of your estate plan.
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Your nonprofit needs a conflict-of-interest policy. Good governance demands it, your stakeholders expect it and even the IRS wants to know how you prevent conflicts.
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For the most part, property you inherit isn’t included in your income for tax purposes. However, certain items may have to be included in your income, although you may also be entitled to a deduction on account of them.
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If you’re a business owner, setting up a retirement plan is easier than you may think. And there’s still time to establish most types of plans for LAST year.
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A defined-value gift may be right for you if you’re transferring hard-to-value assets. However, to pass muster with the IRS, precise language must be used in the transfer document.
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Is your nonprofit’s current strategic plan uninspiring? Does it prevent you from leveraging current opportunities? Real-time strategic planning enables organizations to capitalize on their competitive advantages.
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Ambiguous language in your estate plan may lead to family disputes after your death.
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Most people don’t think about taxes if they lose their jobs but there can be tax implications to a layoff or termination. Here are some of the issues that may occur.
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Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. It’s especially popular during tough economic times. But if you trade goods or services, be aware of the tax consequences.
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Most nonprofits aren’t required to undergo audits. But you may want to engage an auditor anyway. Here’s how to make the process go smoothly and reduce time and costs.
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The IRS is providing penalty relief for certain pass-through entities required to file Schedules K-2 and K-3 for 2021.
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To help ensure financial security in retirement, saving now on a tax-favored basis is a smart move. And if you qualify, you still have time to contribute to an IRA or SEP and save on your 2021 tax return.
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Does your startup business have little or no income tax liability? You may be eligible for a payroll tax credit election for increasing research activities.
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If you own real estate in multiple states, consider using a revocable trust to minimize or avoid excessive probate costs after your death.
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What do budgets with unexplained variances, delayed financial statements and overreaching executive directors have in common? Your nonprofit’s board should know the answer to this question.
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April 18 isn’t only the income tax return deadline. It’s also the gift tax return deadline for people who made large gifts last year. Find out if you’re required to file a 2021 gift tax return this April. (Note: you may want to file one anyway).
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If you own your own business, the rules for deducting a spouse’s travel costs are very restrictive. Here are the rules.
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Lifetime giving is a smart strategy to reduce your taxable estate, but the gift tax rate of 40% is steep. Making a “net gift” can potentially reduce your effective gift tax rate.
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