Buying & Selling Mutual Fund Shares: Avoid These Tax Pitfalls
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise Sales You may already have made taxable ‘sales’ of part of
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Year-End Tax Strategies Amid an Unusual Year
Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-reaching effects. The economic impact, as well as federal
Year-End Tax Planning Strategies Must Take Business Turbulence Into Account
Election years often lead to uncertainty for businesses, but 2020 is unlike any other when it comes to unpredictability. Amid the chaos of the COVID-19 pandemic, the resulting economic downturn
New Business? It is a Good Time to Start a Retirement Plan.
If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are
Divorcing Couples Should Understand These Four Tax Issues
When a couple is going through a divorce, taxes are probably not foremost in their minds. However, without proper planning and advice, some people find divorce to be an even
Understanding the Passive Activity Loss Rules
Are you wondering if the passive activity loss rules affect business ventures you are engaged in or might engage in? If the ventures are passive activities, the passive activity loss
What Tax Records Can You Discard?
October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the
Tax Rules for Deducting Business Software Costs
Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business or for sale or lease to others? Then
Why it is Important to Plan for Income Taxes as Part of Your Estate Plan
As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much
The Easiest Way to Survive an IRS Audit is to Prepare in Advance
IRS audit rates are historically low, according to the latest data, but that is little consolation if your return is among those selected to be examined. But with proper preparation