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Are personal injury settlements taxable?

You generally must pay federal tax on all income you receive but…
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The holiday season is here, and you may be planning to donate…
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The effects of inflation are all around. You’re probably paying more for…
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IRS audit rates are historically low, according to a recent Government Accountability…
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Now that fall is officially here, it’s a good time to review…
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When a married couple files a joint tax return, are both spouses…
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In today’s tough job market and economy, the Work Opportunity Tax Credit…
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When you filed your federal tax return this year, were you surprised…
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Can you save taxes using the “kiddie tax” strategy? Called income shifting,…
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Some people who begin claiming Social Security benefits are surprised to find…
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You may have dreamed of turning a hobby into a regular business,…
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Taking care of an elderly parent or grandparent may provide more than…
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Despite the robust job market, there are still some people losing their…
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Typically, businesses want to delay recognition of taxable income into future years…
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Can I deduct medical expenses on my tax return?

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If you’re fortunate enough to own a vacation home, you may want…
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Given the escalating cost of health care, there may be a more…
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In recent weeks, some Americans have been victimized by hurricanes, severe storms,…
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The Connecticut Department of Revenue has announced sales tax relief for sellers…
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Are you a trader or investor?

Do you have significant investment-related expenses, including the cost of subscriptions to…
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Am I eligible for the qualified business income deduction?

Are you eligible to take the qualified business income deduction? Here are…
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Despite the COVID-19 pandemic, government officials are seeing a large increase in…
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If you’re claiming deductions for business meals or auto expenses, expect the…
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Eligible parents will soon begin receiving payments from the federal government. The…
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Reduce the Net Investment Income Tax

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed…
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Many businesses use independent contractors to help keep their costs down. If…
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Are you wondering whether alternative energy technologies can help you manage business…
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Before the COVID-19 pandemic hit, the number of people engaged in the…
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Improved Child Care Tax Credit Available

The new American Rescue Plan Act (ARPA) provides eligible families with an…
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Many people have Series EE savings bonds that were purchased many years…
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Owners of closely held corporations are often interested in easily withdrawing money…
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As a result of the current estate tax exemption amount ($11.58 million…
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Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately,…
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Married couples often wonder whether they should file tax returns jointly or…
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September 23, 2019

Determining Business Website Costs for Tax Purposes is Complex

These days, most businesses need a website to remain competitive. It’s an…
educator expense deductionTax
September 16, 2019

Teachers: Which Expenses Can You Deduct on Your Tax Return?

Teachers often pay for various expenses for which they don’t receive reimbursement.…
set up sep 2019Tax
September 11, 2019

Carefully Plan for Withdrawals from Your Traditional IRA

If you’re like many people, you’ve worked hard to accumulate a large…
keep financial recordsUncategorized
August 20, 2019

How Long Should I Keep Financial Records?

You can keep financial records in any manner that works best for…
How the Kiddie Tax Affects ChildrenTax
August 7, 2019

The “Kiddie Tax” Hurts Families More Than Ever

Years ago, Congress enacted the “kiddie tax” rules to prevent parents and…
Tax-saving strategiesTax
August 7, 2019

Review Your Investments for Tax-Saving Strategies

You may have heard about a proposal in Washington to cut the…
Day camp tax creditTax
July 8, 2019

Is My Child’s Day Camp Eligible for a Tax Credit?

Now that most schools are out for the summer, you might be…
Tax on My Social Security BenefitsTax
July 8, 2019

Will There Be a Tax on My Social Security Benefits?

During your working days, you pay Social Security tax in the form…
entity choice for businessTax
June 26, 2019

What is the ideal entity choice for your business?

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for…
tax deadlines for businessesTax
June 19, 2019

Third Quarter Tax Deadlines for Businesses and Other Employers

Here are some of the key third quarter tax deadlines affecting businesses…
100% payroll tax penaltyTax
June 19, 2019

Employers: Payroll Tax Penalties Can Be Assessed Personally to You

If federal income tax and employment taxes (including Social Security) are withheld…
vehicle donations to charityTax
June 17, 2019

The Truth About Vehicle Donations to Charity

You’ve probably seen or heard ads urging vehicle donations to charity. “Make a difference…
retiring to another stateTax
June 4, 2019

Retiring to Another State? Don’t Forget about Taxes

When you retire, you may consider retiring to another state — say,…
Adjust WithholdingTax
June 4, 2019

Do You Need to Adjust Your Withholding?

Due to the massive changes in the Tax Cuts and Jobs Act…
Business Expenses You Can’t Write-OffTax
May 14, 2019

Business Expense Deductions Can Be Complicated

If you read the Internal Revenue Code (and you probably don’t want…
Employee vs. independent contractorTax
May 14, 2019

Employee vs. Independent Contractor: Correct Classification is Critical

Many employers prefer to classify workers as independent contractors to lower costs,…
Electric vehicle tax creditTax
May 1, 2019

Electric Vehicles May Quality for Tax Credit

While the number of plug-in electric vehicles (EVs) is still small compared…
Medicare premiumsTax
April 10, 2019

Seniors: Medicare Premiums Could Lower Your Tax Bill

Americans who are 65 and older qualify for basic Medicare insurance, and…
dependent tax creditTax
April 2, 2019

Dependent Tax Credit: Are You Eligible?

If you’re the parent of a child who is age 17 to…
leasing vs. buyingTax
March 19, 2019

Leasing vs. Buying: Which is More Tax Efficient for Your Business?

Recent changes to federal tax law and accounting rules could affect your…
Incentive Stock Options Call for Careful Tax PlanningTax
March 14, 2019

Incentive Stock Options Call for Careful Tax Planning

Incentive stock options (ISOs) are a popular form of compensation for executives…
2024 Tax Brackets and Federal Income Tax RatesTax
March 2, 2019

Self-Employment Tax: Are LLC Members Liable?

Limited liability company (LLC) members commonly claim that their distributive shares of…
tax breaks on business real estateTax
February 18, 2019

Tax Breaks on Business Real Estate

Commercial buildings and improvements generally are depreciated over 39 years, which essentially…
investment interest deductionTax
February 13, 2019

3 Hurdles to Benefiting from the Investment Interest Deduction

As you likely know by now, the Tax Cuts and Jobs Act…
2024 Standard Mileage RateUncategorized
January 21, 2019

Standard Mileage Rate for Business Miles Increases to $.58 per Mile

This year, the optional standard mileage rate used to calculate the deductible…
tax deadlines for businessesUncategorized
December 17, 2018

Q1 Tax-related Deadlines for Businesses

Here are some of the key tax-related deadlines affecting businesses and other…