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When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2023 income taxes. The tax code contains the basic rules for this game, and once you know the rules, you can apply the correct...

The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are five things to consider. 1. Establish Your 2023 Retirement Plan First, a question: Do you have your (or...

Here’s a brief review of the significant changes and updates related to the Employee Retention Credit (ERC). Background and Evolution Originally established under the CARES Act in March 2020, the ERC has experienced numerous transformations. Initially, businesses had to choose between claiming the ERC and taking out a forgivable...

All small-business owners with one to 49 employees should have a medical plan for their business. Sure, it’s true that with 49 or fewer employees, the tax law does not require you to have a plan, but you should. When you have 49 or fewer employees, most medical plan...

Say you are going to travel from your home in Washington, D.C., to San Francisco. Will the tax law allow you to travel to San Francisco by car, train, plane, or boat, your choice? Answer. Yes. But special rules apply. You need to know these rules to guarantee your...

Here’s an easy question: Do you need more 2023 tax deductions? If the answer is yes, continue reading. Next easy question: Do you need a replacement business vehicle? If so, you can simultaneously solve or mitigate the first problem (needing more deductions) and the second problem (needing a replacement...

When you leave the U.S. to live in another country, you essentially have two choices from a tax perspective, both of which can cost you a pretty penny. First, you can simply leave the country and take up residence elsewhere. But if you choose this option, beware: the U.S....

If you enjoy gambling, whether occasionally or frequently, it is crucial to understand how your winnings and losses can affect your tax liability. Basic Rules Winnings: You report your gambling winnings from casinos, lotteries, raffles, and other gambling activities as “above-the-line” taxable income. Losses: You deduct gambling losses “below-the-line”...

The Affordable Care Act (ACA) changed the landscape for small businesses that offered health benefits for their employees. Before the ACA, many small businesses reimbursed some or all of their employees’ individually purchased health insurance. The ACA makes that illegal and imposes a $100-a-day, per-employee penalty for such reimbursements...

Many individuals either contemplate or hold citizenship in more than one country. While dual citizenship can offer many benefits, such as enhanced travel mobility, access to social services, and the ability to work and reside in both countries, be sure you are aware of the tax responsibilities. As a...

The IRS is on a tear against improper employee retention credit (ERC) claims. Here are four recent actions taken by the IRS: 1. Unfair Stop to Processing New ERC Claims On September 15, 2023, the IRS announced a temporary halt on processing new ERC claims until after the end...

After years of delays, the first stage of the Corporate Transparency Act (CTA) goes into effect on January 1, 2024. It imposes a new federal filing requirement for most corporations and limited liability companies (LLCs) formed in 2024 and later. The CTA’s purpose is to prevent the use of...