Summary: When you inherit assets other than cash, the assets are subject to a provision within tax law that adjusts the asset’s tax cost to its fair market value at the time of the original owner’s death. This adjusted value helps reduce your tax burden, sometimes even eliminating capital gains taxes on past appreciation. Click […]
Summary: Business owners who invest in job seekers who have faced barriers to employment are eligible for the Work Opportunity Tax Credit. Click through to see how this act works, and how it may apply to your businesses. The WOTC is an incentive to hire workers who typically have difficulty in finding jobs, including certain […]
Summary: Many tax rules can limit your deductions from a business or other income-producing activity. One of them is the at-risk rules, under which your losses from an activity are limited to your amount at risk in that activity. Click through to learn how to recognize these. The at-risk limitations are the result of Congress’ […]
Summary: Members of the U.S. armed forces, veterans and their families may qualify for special tax benefits. The IRS provides information to make filing taxes easier to understand for those sacrificing so much for our country. Click through to read the details. Whether you have a simple or complicated tax situation, it’s worth knowing what […]
Summary: In 2023, the IRS issued a rule stating those assets in an irrevocable trust that are not included in the grantor’s taxable estate cannot receive a step-up in basis. Click through to see the effects of this ruling on your current irrevocable or planned irrevocable trust. Revenue Ruling 2023-2, issued in March 2023, made […]
Summary: When it comes to investing, keeping more of your money matters. Tax-loss harvesting is a strategy that can help reduce your taxes by using investment losses to offset gains or even ordinary income. It can also carry unused losses into future years, providing long-term tax benefits. Click through for an overview. Tax-loss harvesting involves […]
Summary: Are you a freelancer, an independent contractor or a gig worker? Working for yourself means greater freedom, but it also comes with more responsibility — such as handling your taxes. Without an employer to withhold income taxes, it’s up to you to track your income, estimate what you owe and pay it on time. […]
Summary: So many of us worry about being audited by the IRS, but by law the IRS is required to play fair. When the IRS asks taxpayers for information, it can ask only for what’s absolutely needed and its actions must stay balanced. Click through to read about your rights under the Taxpayer Bill of […]
Summary: Facing an IRS tax audit can feel overwhelming, but with the right preparation, you can navigate the process confidently. Click through for practical advice on how to respond to IRS requests, protect your rights and minimize stress. If you’ve been selected for an IRS audit, don’t panic — preparation is key. Start by carefully […]
Summary: Filing taxes for your business can be complicated, with even small mistakes leading to missed deductions or higher tax bills. Ever-changing tax rules only add to the challenge. Click through for practical advice on avoiding the most common business tax pitfalls. Staying proactive and detail-oriented can help you avoid the most common inaccuracies on […]