Summary: Many business owners have learned the expensive way that just because they incurred expenses doesn’t mean outlays can automatically qualify as deductibles. Click through for a case study that shows what “ordinary and necessary” really means. The operative word for business deductions is business. Generally speaking, the money that people spend to improve their […]
Summary: You may have been advised to check your tax withholdings at least once a year. But if you’ve had job or family changes, you may want to do it more frequently. Click through for some IRS withholding advice to forestall any surprises next tax season. Are you having the right amount of taxes withheld […]
Summary: In a traditional employee situation, a business withholds and remits certain payroll taxes. But what’s the deal when it comes to other types of compensation or income? Click through for an introduction to the complexity that is withholding rules.Backup withholding is a certain method that the IRS implements as a way to make sure […]
Summary: People come up with continued excuses for delaying getting their final affairs in order. The reasons can be both practical and psychological. Click through for some insights into getting your will and other aspects of your estate plan in order.If you dither and procrastinate over creating even a straightforward will or simple trust, you […]
Summary: ASC 606 lays out recognition rules. Rather than recognizing revenue when the risk of loss has been passed on to the customer, revenue must be reported when the goods are transferred. Click through for an introduction to the complex world of revenue recognition through the lens of ASC 606.The Financial Accounting Standards Board created […]
Summary: IRAs are among the most popular retirement savings vehicles. They’re easy to set up and carry powerful tax incentives. But the rules can get complicated. Click through for an overview of the tax provisions surrounding IRAs.Individual retirement arrangements, or IRAs, provide tax incentives for investments that most employees can use to provide for their […]
Summary: Real estate can provide diversification against stagflation — a mix of inflation and slow growth. Might we see that in the future? Either way, REITs are always worth a look. Click through for some thoughts on adding real estate to your portfolio. Historians are making comparisons with the frustrating markets of the 1970s. In […]
Summary: Ordinarily, the IRS condones deductions for business-related payments to settle disputes, whether they’re made to satisfy judgments or as out-of-court settlements. But there are limits! Click through for details about the tax implications of a business’ reputation. When it comes to a person’s reputation, the line between business and pleasure is indeed very thin. The […]
Summary: An adoption tax credit can be claimed when you file your federal income taxes. It may help you with the financial side of welcoming a new family member, among other benefits. Click through to learn more about how to get some relief for qualified adoption-related costs.Adopting a child can be both complicated and expensive, […]
Summary: In most cases, wills divide cash evenly among heirs. But when it comes to assets like jewelry and artwork, it’s harder to define what makes a fair split. Click through for some tips on dividing your possessions.We like to imagine that a death brings families together in grief, but that’s not always the case. […]