Know the rules for backup withholding When your business hires independent contractors, you’re generally not responsible for withholding tax from their compensation. But there are circumstances in which you should withhold a certain...
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The holiday season is right around the corner, and that’s when many charitably inclined people start to think about year-end donations to their favorite charities. When planning your charitable contributions, don’t forget about the...
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Section 529 plans are most commonly used as a tax-favored way to save and pay for college expenses. You might be reluctant to open a 529 account for your child because you’re not sure he or she will pursue a college degree. Or maybe...
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The One, Big, Beautiful Bill Act (OBBBA), which was enacted on July 4, generally extends and expands tax provisions that were scheduled to expire at year end. Here are seven valuable tax breaks that might benefit your family: 1. Child Tax Credit...
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If you’re building up a small business but haven’t yet needed to borrow funds to expand or smooth out cash flow irregularities, you’re doing something right. Or if you have borrowed and everything went smoothly, kudos again...
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Individual taxpayers faced significant tax planning uncertainty for the first six months of the year. Many provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) were scheduled to expire at the end of this year. However, after the One Big...
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Don’t wait until the last minute If you requested an extension to file your tax return after the April 15, 2025, due date, the extended deadline is Wednesday, Oct. 15. If you have the information you need, you may want to file now...
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There’s good news for businesses considering buying equipment and other capital assets: The One Big Beautiful Bill Act (OBBBA) dramatically improves first-year depreciation tax breaks. Here’s what you need to know to take advantage...
Read More Summer interns can help fill gaps The labor market is tight. As many employers seek summer interns to fill the gaps, it’s critical to comply with federal laws, primarily the Fair Labor Standards Act (FLSA). Paid interns are subject to the...
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Are you ready to move and want to sell your home, but you’re worried about a slowing real estate market? You’re not alone. Many homeowners want to move up to a bigger home or downsize to a smaller one. However, they’re currently...
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When a professional corporation sells its assets or liquidates, one important federal income tax issue is whether the corporation or its shareholder-employees owns any self-created (as opposed to purchased) goodwill. For tax purposes, goodwill is...
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Accounting is a repetitive process. As you prepare invoices, receipts, bills, and other sales and purchase forms, you undoubtedly grow weary of typing the same information over and over. Customer and vendor names, addresses, product and service...
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