There’s a common misconception that, when you retire, your tax bills shrink, your tax returns become simpler and tax planning is a thing of the past. That may be true for some,...
5 Tax Planning Tips for Retirees
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Taxes
Oops, You Overfunded Your 529 Plan
Some might consider it a good problem to have: saving too much money for college. But if the money is held in a Section 529 college savings plan, there could be tax consequences...
Are you liable for “nanny taxes”?
If you employ household workers — which may include nannies, babysitters, housekeepers, cooks, gardeners, health care workers and other employees — it’s important to understand...
Are you liable for “nanny taxes”?
If you employ household workers — which may include nannies, babysitters, housekeepers, cooks, gardeners, health care workers and other employees — it’s important to understand...
Lowdown on Federal Tax Proposals for Individuals and Businesses
The U.S. Department of Treasury released its "Green Book" in May entitled, "General Explanation of the Biden administration's Fiscal Year 2022 Revenue Proposals." It contains...
Tax Consequences of Offering Innovative Benefits
Although some companies that sent workers home during the pandemic have returned them to the office, many businesses continue to rely on remote workers. At the same time,...
7 Valuable Deductions for Self-Employed Individuals
If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you're looking to fulfill a lifelong dream of running a business...
Help Decrease the Chance of an IRS Audit
Executive perks that are not properly reported to the IRS can land both you and your company in hot water. In the last couple of years, the IRS has engaged in an audit...
Qualifying for Tax Breaks for a Dependent Parent
For many families, the tables may turn, and adult children provide financial support for their parents. For example, you might have moved your in-laws from a long-term care...
4 Important Changes on Your 2020 Tax Return
Tax season has started. Your tax professional is ready to prepare your 2020 federal and state returns — but are you ready? The pandemic has led to several changes to the tax...