Tax

Government officials saw a large increase in the number of new start-up businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers. If […]

If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to happen with a financially troubled corporation. What can’t you […]

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the self-employment tax is imposed at the painfully high rate of 15.3% on the first $160,200 of net SE income. This includes 12.4% for Social Security tax and 2.9% for Medicare tax. The […]

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Learn more about the step-up basis or step-down here. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives […]

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The tax scam may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly. Important: The IRS will never contact you by email, […]

If you are married and not earning a compensation, you can still save money for retirement in an IRA. Read on to know how.

Quick list of Q3 tax deadlines for your business and other employers.

This blog lets you know when seniors can deduct Medicare premiums on their tax returns.

Claiming first year real estate depreciation deductions? Read on to learn about the advantages and disadvantages of doing so.

If you are a high income tax payer you will want to read this blog to learn how to reduce the net investment income tax.