August 31, 2022
In today’s tough economy, you may find yourself struggling to cover your day-to-day expenses. But rising interest rates are making traditional loans more expensive. In such an environment, you might consider borrowing funds from your 401(k) retirement account, if your plan… Read more »
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401(k) Loans, Borrowing from your 401(k), Cautionary Cons, double taxation, early withdrawal penalty, Fees are another considerations, Hardship Withdrawal, Hardship Withdrawal Alternative, Potential Pros
August 31, 2022
Congress has passed the Inflation Reduction Act (IRA) and President Biden signed it into law on August 16. The $740 billion law contains many tax breaks and raises revenue through a new minimum tax on large, profitable corporations and an excise… Read more »
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15% Corporate Alternative Minimum Tax, Clean Vehicle Tax Credit, Commercial Vehicles, Congress has passed the Inflation Reduction Act (IRA), Corporate Stock Repurchases, Energy and Health Care, Energy Improvements, Excise Tax on Corporate Stock Repurchases, Increase in Qualified Small Business Payroll Tax Credit for Research, Inflation Reduction Act, IRA, Payroll Tax Credit, Previously Owned and Commercial Vehicles, Previously Owned Vehicles, Provisions Related to Climate, Provisions Related to Energy, Provisions Related to Health Care, Residential Energy Improvements, Small Business Payroll Tax Credit for Research, tax credit, The Wide-Ranging Inflation Reduction Act Is Signed Into Law, Vehicle Tax Credit
July 25, 2022
The COVID pandemic prompted numerous temporary changes to the tax laws for 2020 and 2021. From Economic Impact Payments, penalty-free IRA distributions and the expanded child tax credit to Employee Retention Credits and credits for paid leave, taxpayers had ample areas… Read more »
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Amend Tax Return, Do You Need to Amend Your Tax Return?, How to Amend Your Return, How To Minimize Penalties, Late Fees and Interest, Minimize Penalties, Need to Amend, Penalties, Reasons to Amend
July 25, 2022
Have you recently left the job market to raise your kids, care for an elderly parent or pursue personal interests? Regardless of why you left and whether it’s temporary or long-term, you might still want to save for retirement while your… Read more »
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IRA, Nonworking Spouse, Nonworking Spouse: Contributing to Your Own Traditional IRA, Roth IRA, Roth IRA Contributions, Spousal IRAs, The Lowdown on Spousal IRAs, Traditional IRA Contributions, Traditional IRA Contributions When Both Spouses Work, Working Spouse, Working Spouse: Contributing to a Traditional IRA
June 24, 2022
Real estate markets are still surging in many parts of the country, especially in some popular travel destinations. If you’re thinking about selling a vacation home that’s increased dramatically in value, you might be rightly concerned about the tax hit. While… Read more »
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Basics of the Home Sale Gain Exclusion, Consider Taxes Before Selling a Highly Appreciated Vacation Home, Real estate markets, Vacation Home as a Principal Residence
June 24, 2022
The IRS recently announced it will be increasing the standard mileage rate for qualified business drivers for the second half of 2022. The adjustment reflects rising costs at the gas pumps this year. It’s accompanied by a hike in the standard… Read more »
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Blended Rate for 2022, IRS, IRS Boosts Standard Mileage Rates for Second Half of 2022, IRS Standard Mileage Rates, Qualifying for the Standard Mileage Rate
May 24, 2022
If You Make Estimated Tax Payments, a Deadline Is Coming Up If you pay quarterly estimated taxes, circle this date on your calendar: June 15. That’s the payment due date for your second-quarter estimated taxes. Individuals, including sole proprietors, partners… Read more »
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Estimated Tax Payments, Exceptions to the 10% Early Withdrawal Penalty, Exceptions to the 10% Early Withdrawal Penalty Require Proof, Federal Tax News, Federal Tax News for Individuals, he Amounts that Delinquent Taxpayers Can Keep Have Been Updated by the IRS, Settlement for Legal Malpractice, Settlement for Legal Malpractice Is Taxable Income, Tax Deadline, tax news, Tax News for Individuals, The "Tax Gap"
May 24, 2022
Remember the excitement of the last day of the school year? Many adults have fond childhood memories of being off from school for the summer. But summer break isn’t just for kids. Here are nine potential summertime tax breaks for grown-ups… Read more »
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9 Ways to Bask in Summer Tax Savings, Charitable Deductions, Go Green, Harvest Capital Gains or Losses, Rent Out Your Personal Residence, Tax Savings, Track Vacation Home Use
May 24, 2022
Every two years, the Association of Certified Fraud Examiners (ACFE) publishes a study detailing the costs, schemes, perpetrators and victims of occupational fraud. “Occupational Fraud 2022: A Report to the Nations” was recently released. It covers more than 2,100 cases of… Read more »
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ACFE, ACFE Study, Association of Certified Fraud Examiners, Combating Fraud during the Pandemic, Finding Fraud, fraud, Median losses, New ACFE Study, Percent Reduction in Fraud Loss, Preventing Fraud, Role of cryptocurrency, Top 10 Trends in White Collar Crime, Trends in White Collar Crime
May 4, 2022
When it comes to selling your business, you must consider the buyer’s perspective — not just your own — to get the deal done. Both sides will require certain due diligence procedures, which take time and patience to get through. Here’s… Read more »
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Asset Deals, Buyer Concerns in Asset Deals, Buyer Due Diligence When Purchasing Ownership Interests, Buyer's Perspective: Allocating Purchase Price for Asset Deal, Corporate Stock Deal Treated as Asset Deal, Due Diligence Considerations When Selling a Business, Primary Due Diligence Concerns for Sellers, Review of insurance policy loss payable endorsements, Seller's Perspective: Allocating Sale Price for Asset Deal
May 4, 2022
Over the last year, home prices have soared in many parts of the country. In addition to benefitting from an appreciating asset, eligible homeowners enjoy several tax advantages. Here are eight reasons why it’s better to be an owner, rather than… Read more »
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Deduction for Home Improvements, Deduction for Mortgage Points, Energy Credits for Home Improvements, Home Office Deduction, Home Sale Gain Exclusion, Mortgage Interest Deduction, Private Mortgage Insurance, Property Tax Deduction, Unlock 8 Tax Breaks for Home Ownership
March 28, 2022
Involved in Crypto? Here Are Some Tax Issues It’s a simple “yes” or “no” question, but you must answer it on your Form 1040 or Form 1040-SR: At any time during 2021, did you receive, sell, exchange or otherwise dispose… Read more »
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Crypto, Federal Tax, foreing housing cost exclusions, gig income, individuals, passport revocation case, tip income
March 28, 2022
Economic fallout from the COVID-19 pandemic caused some rental real estate properties to run up tax losses in 2020 and 2021, as tenants struggled to pay rent. If you’re a landlord, you may have had to negotiate lease modifications that were… Read more »
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bonus depreciation, key write-offs, landlords, section 179, tax angles
March 28, 2022
If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren’t available for larger entities. Here are three examples to consider as you file your tax return for 2021 and plan for 2022…. Read more »
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cash-method accounting, section 179, small business, tax breaks
February 17, 2022
Tax Season Filing Tips Did you know that tax return errors can delay refunds and increase audit risk? Before your tax return preparation appointment, make sure you’ve gathered all 2021 tax documents received, such as W-2s and 1099s. In addition,… Read more »
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filing tips, household employers, irs top 10 criminal cases, irs-related scams, taxable social security benefits
February 17, 2022
Buyers of businesses generally prefer to arrange for an asset purchase transaction, instead of purchasing an ownership interest in the target business entity. Why? The primary reason is to avoid exposure to liabilities — both known and unknown — related to the business that’s being… Read more »
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asset purchase, buyer beware, buyers, buying a business, ownership interest
February 17, 2022
The total amount of outstanding student loan debt is estimated at approximately $1.75 trillion, including $1.59 trillion in federal student loans. It’s also estimated that 43.2 million student borrowers owe an average of roughly $39,000 each. The good news is that,… Read more »
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debt relief, student loan debt, tax implications
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