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
January 26, 2022
Reporting by Third-Party Settlement Organizations Is Changing If you run a business and receive payments through third-party settlement organizations (TPSOs), expect significant changes in 2022. To improve voluntary tax compliance, the American Rescue Plan Act (ARPA) now requires TPSOs to… Read more »
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business tax, businesses, Federal Tax, tax news
January 26, 2022
The individual alternative minimum tax (AMT) rules were made more taxpayer-friendly for 2018 through 2025 by the Tax Cuts and Jobs Act (TCJA). The odds that you’ll owe the AMT for those years have been significantly reduced — and, if you… Read more »
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AMT, exemption deductions, home equity loan, ISOs, SALT deductions, Tax Credits
January 26, 2022
The following table provides some important federal tax information for 2022, as compared with 2021. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2022 2021 Social Security Tax Wage Base $147,000… Read more »
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2022, inflation, tax figures
January 10, 2022
The holidays often inspire a spirit of generosity. So, at year end, many people decide to give money or assets to their loved ones. Over time, lifetime gifts can also be an effective way for wealthy people to minimize their taxable… Read more »
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Annual Gift Exclusion, Estate Tax, gift splitting, gift tax basics, tax-free gifts
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