There’s a Favorable “Stepped-Up Basis” if You Inherit Property
A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an [...]
Take Advantage of the Rehabilitation Tax Credit When Altering or Adding to Business Space
If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic [...]
5 Valuation Terms That Every Business Owner Should Know
As a business owner, you’ll likely need to have your company appraised at some point. An appraisal is essential in the event of a business sale, merger or acquisition. It’s also important when creating or [...]
Paperwork You Can Toss After Filing Your Tax Return
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the [...]
Retirement Saving Options for Your Small Business: Keep It Simple
If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take [...]
The Tax Rules for Donating Artwork to Charity
If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules may come into play in connection with such contributions. Basic [...]
Some Taxpayers Qualify for More Favorable “Head of Household” Tax Filing Status
When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as a head of household is more [...]
Choosing an Entity for Your Business? How About an S Corporation?
If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the [...]
ACA Penalties Will Rise in 2024
Recently, the IRS announced 2024 indexing adjustments to the applicable dollar amount used to calculate employer shared responsibility penalties under the Affordable Care Act (ACA). Although next year might seem a long way off, it’s best [...]
2023 Q2 Tax Calendar: Key Deadlines for Businesses and Employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines [...]