The Benefits Of Choosing A Living Trust When Estate Planning
Because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married), you may think you don’t need to make any estate planning
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Category: Tax
The Dos & Don’ts Of Deducting Business Meal & Vehicle Expenses
The IRS will closely review any deductions you’re claiming for business meals or auto expenses. In some cases, taxpayers have incomplete documentation or try to create records months (or years)
The Tax Consequences Of Being A Gig Worker
The ‘gig’ economy has become ‘the norm’ in recent years. You may think of gig workers as those who deliver food, walk dogs, and drive for ride-hailing services, but so-called
IRS Releases Guidance On 2024 Amounts For Health Savings Accounts (HSAs)
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for HSAs. HSA Fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the ‘qualified
Retiring Soon? Four Tax Challenges You May Encounter.
If you’re approaching retirement, you’ll soon experience changes in your lifestyle and income sources that could have numerous tax implications. Here’s a brief summary of four tax and financial issues
The IRS Is Pushing Its ID.me Accounts
ID.me simplifies how individuals prove and share their identities online. The idea is that you’ll have to verify your identity once and not have to reverify your credentials every time
Make Sure You’re Classifying Independent Contractors Correctly
Independent contractors are often used by organizations to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you have workers that fall
Frequently Asked Questions & Answers After Filing Your Tax Return
You may think you’re done with taxes for another year after you’ve successfully filed your 2022 tax return with the IRS. However, you might have lingering questions about the return.
Using The Tax Code To Soften The Blow Of Losses
Whether you’re a startup or an established organization, losses can happen. The federal tax code may help soften the blow by allowing organizations to apply losses to offset taxable income
IRS Guidance Regarding Qualified Medical Expenses
If you itemize deductions on your tax return, you may be curious as to what medical expenses can be included. Recently, the IRS issued FAQs regarding when certain costs are