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Have you established, or are you considering, a Section 529 savings plan for a child, grandchild, or other family member? Such plans are a great way to help pay for a person’s college education. Contributions are not federally tax deductible, but they grow tax-free, and you can withdraw them...

If you are self-employed or operate a small corporation, it’s likely that you have not applied for your sick and family leave tax credits. If that’s the case, we may need to get your act together and file amended 2021 and 2020 tax returns now. You could find up...

If you invest or trade in Bitcoin, non-fungible tokens (NFTs), Stablecoins, or other digital assets, prepare for sweeping new tax reporting requirements. Congress wants the IRS to crack down on taxpayers who buy and sell crypto but don’t report or pay tax on their gains. To do so, it...

As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). With the 2023 tax-year contributions deadline fast approaching, on April 15, 2024, now is the perfect time to consider how you can leverage an IRA. Traditional and Roth IRAs: A...

What’s your worst tax nightmare? Identity theft? Not having enough money to pay all the taxes you owe? How about this: your CPA, enrolled agent, or other tax preparer has not filed your taxes for three years. Dr. Lee, a Florida surgeon who earned over $1 million annually, had...

When your corporation reimburses you for the business use of your vehicle, you have tax consequences when you sell or trade in that vehicle. Example 1. You purchased a vehicle for $40,000 and had the corporation reimburse you $40,000 for bonus depreciation. You now trade in the vehicle for...

As a co-owner of a business—whether it’s an existing venture, a new enterprise you’re founding, or a company you’re considering buying into—you must consider the structural and legal frameworks that are crucial to ensuring the stability and continuity of your investment. One such framework is a buy-sell agreement, an...

Nobody wants to spend their whole life looking over their shoulder, wondering if the IRS will audit them. Luckily, there is a statute of limitations on IRS audits and tax assessments. Once the limitations period expires, the IRS can’t audit your return or assess any additional tax. You may...

When you rent a bedroom in your home and that rental unit creates a tax loss, can you deduct the loss? Yes, if you meet the four technical requirements listed below: You rented your bedroom as if it were a hotel and materially participated in the rental. Assuming you...

Tax law often discriminates against company owners, granting them no or fewer fringe benefits. But you, the owner, are not discriminated against when it comes to supper money. It works like this: That means you can take this benefit for yourself, even as a sole proprietor. You also qualify...

You need to think about the sale of your rental property when you claim depreciation on your qualified improvement property (QIP). Gains may be subject to higher-than-expected tax rates due to Sections 1245 and 1250 ordinary income recapture and other factors. Planning your depreciation methods can significantly impact your...

You can accumulate federal income-tax-free earnings with a Section 529 college savings plan account. Then, you can take federal-income-tax-free withdrawals to cover qualified education expenses, usually for college. Great! But what if your designated account beneficiary decides not to attend college? What are your options, and what are the...