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Category: Tax

What You Need To Know About The “Step-Up In Basis” When Inheriting Assets

After a loved one passes away, you may inherit assets. If so, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis.

Have You Considered SEP & SIMPLE Retirement Plans For Your Small Business?

Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, the financial commitment and administrative burdens involved are causing you concern. There are a couple

Tax Document Cleanup: What To Shred, What To Keep

Once the IRS has your 2024 tax return, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the shredder or delete button,

Three Tax Benefits Of Hiring Your Child For A Summer Job

With summer quickly approaching, your small business might be considering hiring young people. If your children are also looking to earn some extra money, why not put them on the

Important Tax Deadline Quickly Approaching & It’s Unrelated To Your 2024 Tax Return

Tuesday, April 15 is the deadline for filing your 2024 tax return. However, another tax deadline that is essential for certain taxpayers is coming up on the same day. It’s

Small Business Warning: Beware Of The 100% Penalty

Some tax sins are much worse than others. For example, failing to pay over federal income and employment taxes that have been withheld from employees’ paychecks. In this situation, the

Find Out If Your Tax Filing Status Qualifies For “Head Of Household”

When preparing your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household, or qualifying widow(er). Only some people are

Do You Qualify As A Tax-Favored Real Estate Professional?

For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent

Six Essential Payroll Tax Compliance Tips

Staying compliant with payroll tax laws is crucial. Mistakes can lead to fines, strained employee relationships, and even legal consequences. Below are six essential tips to help you stay on

Creating Tax Advantages From Stock Downturns

Have you ever invested in a business only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While such an investment might be