August 2021
5 Possible Tax Aspects of a Parent Moving Into a Nursing Home
If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of [...]
Is an LLC the Right Choice for Your Small Business?
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know [...]
July 2021
The Deductibility of Corporate Expenses Covered by Officers or Shareholders
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper [...]
There’s Currently a “Stepped-up Basis” If You Inherit Property — But Will It Last?
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known [...]
Can Taxpayers Who Manage Their Own Investment Portfolios Deduct Related Expenses? It Depends…
Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment expenses [...]
Who in a Small Business Can Be Hit with the “Trust Fund Recovery Penalty?”
There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the [...]