Summary: The alternative minimum tax is a parallel tax system designed to make sure everyone pays their fair share. Click through for an overview of this controversial and misunderstood provision and to see if it might affect you. The alternative minimum tax was created to ensure that all taxpayers pay their fair share of taxes, […]
Summary: In its desire to combat abusive tax shelters, the IRS is leaning more heavily on audits, summons enforcement and litigation. Are you protecting yourself? Click through to be informed about schemes to avoid.All investors seek to take advantage of all legal means to legitimately reduce their overall tax liability, but abusive tax shelters are illegal investments […]
Summary: How do businesses separate ownership and assets if a partner divests, perishes, or becomes disabled? What happens if the company dissolves? You need to consider these possibilities carefully. Click through to learn some important truths about exit strategies. A buy-sell agreement stipulates how a partner’s share of a company will be reassigned if he […]
Summary: When you want to take advantage of certain medical care deductions, the rules regarding what you can and cannot do seem straightforward. However, with some subtle planning, you can legally game the system to boost your deductions. Click through for tips on how to get the most out of the IRS.Let’s consider a married […]
Summary: Thinking about buying an annuity so you can get steady income when you retire? It may be a good idea, but there’s a lot to think about first. Click through to learn about the array of annuities to choose from. You want a steady income stream during retirement — and an annuity may be […]
Summary: Wondering whether you can take a deduction for the clothing you wear as a small-business owner? The answer isn’t simple. The IRS has strict rules on clothing deductions. Click through before you buy that Armani suit on the company’s dime.Can you deduct clothes as a business expense? In some cases, you can deduct the […]
Summary: When investors open a new brokerage account or when they update their account information, they may want to provide a “trusted contact.” Click through to learn what this means and why you need to take it seriously. Your brokerage is going to ask you for a “trusted contact,” and some investors may provide the […]
Summary: Workplaces are always buzzing with employee-related activities, some of which may be protected by the National Labor Relations Act. Click through for an overview of this complex legislation in order to ensure that you don’t violate its provisions as an employer.Employers are granted certain degrees of leverage when setting standards for their workplaces, which […]
Summary: Self-employed individuals who use their homes for business purposes often look for advice on how to take full advantage of the IRS’s complex rules when deducting home office expenses. Click through to make sure you’re familiar with the nuances of home office deductions.It’s not always easy to figure out which home office write-offs are […]
Summary: You don’t get too much help from the IRS when it comes to medical deductions, unless the costs are substantial. But there are some quirks that can help. Click through to make sure you don’t leave anything on the table.Taxpayers who claim their standard deduction amounts can’t deduct their medical costs. Only if they […]
