Ideas & Insight

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options for college funds. Savings bonds Series EE U.S. savings bonds offer two tax-saving […]

The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers who hire from targeted groups of people who have historically had difficulty in securing employment. These targeted groups include qualified veterans, recipients of Temporary Assistance to Needy Families (TANF), food stamp recipients, ex-felons, and qualified long-term unemployment recipients. Historically, employers apply […]

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]

If you are retiring soon, you maybe beginning experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you are retiring: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts. […]

As vaccination levels rise and major U.S. population centers fully reopen, business owners may find themselves pondering an intriguing thought: Should we have company retreats this year? Although there are still health risks to consider, your employees may love the idea of attending an in-person event after so many months of video calls, emails and […]

If you’re a business owner and you hire your minor children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed […]

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds: $250,000 for married taxpayers filing jointly and surviving spouses, […]

For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon. But if the past year or so have taught us anything, it’s that anything can happen. Owners who’ve built […]

It’s happening. With vaccination rates rising and the more severe effects of the pandemic trending downward, several industries have announced in-person trade shows for later this year. Meanwhile, over the summer, businesses will likely see marketing opportunities in other events such as “sidewalk days” and local festivals. Are you and your team ready to get […]

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for 2022 Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who […]