by Paula Kennedy, EA | Aug 14, 2024 | Tax, Uncategorized
Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. The reason for such a bill has to do with the concept of “joint and several” liability. When a married couple files a...
by Paula Kennedy, EA | Aug 8, 2024 | Blog, Tax, Uncategorized
Many Americans receive disability income Are you one of them, or will you soon be? If so, you may ask: Is the income taxed and if it is, how? It depends on the type of disability benefit and your overall income. The key issue is: Who paid for the benefit? If the...
by Paula Kennedy, EA | Jul 18, 2024 | Uncategorized
Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are...
by Paula Kennedy, EA | Jul 3, 2024 | Business, Tax, Uncategorized
If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate. Basics of this strategy Interest rates have increased...
by Paula Kennedy, EA | Jun 25, 2024 | Blog, Business, Tax, Uncategorized
With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks for hiring your...
