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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Several provisions of the One, Big, Beautiful Bill Act (OBBBA), signed into law on July 4, will affect homeowners starting in 2025. These changes are important as you plan for the current tax year, because they may impact whether you itemize or...
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Tax credits are the most valuable tax breaks available. Each dollar of credit equals a dollar of tax savings. By comparison, if you’re in the 32% federal income tax bracket, each dollar of tax deductions saves you only 32 cents...
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Identity thieves can prey on anyone, at any time. Here’s some helpful tips for taxpayers to know when it’s really the IRS or not. Email, text and social media The IRS doesn’t make initial contact through email or social media channels. Some...
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If you’re self-employed, run your own small business, or have rental or investment income, there’s a good chance you must make quarterly estimated tax payments. These payments include income tax and, if applicable, self-employment...
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In many areas, vacation home prices have skyrocketed, along with property insurance costs. If you own a highly appreciated vacation property, is it time to cash out and simplify your life? You could simply sell the property and accept the tax hit...
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As separate legal entities, estates and nongrantor trusts must file their own federal tax returns, just like individual taxpayers. Unlike individuals, however, these entities may distribute income to beneficiaries, which can shift tax liability...
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Choosing the right business entity is one of the most important decisions entrepreneurs make when launching or restructuring a business. The type of entity selected affects how the business is taxed, its administrative complexity, and who may be...
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A valuable business tax credit As of January 2025, the unemployment rate was reported to be 4%. Employers facing hiring challenges may benefit from a valuable one-time federal tax credit available through 2025. The Work Opportunity Tax Credit...
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Life is full of changes, and many significant milestones can affect your tax situation in unforeseen ways. Whether you’re getting married, welcoming a new child, starting a new job or making other changes, it’s important to understand...
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New college graduates will face some of the harsh realities of adulthood, including paying taxes, filing their own tax returns and possibly coordinating with their parents to achieve the best overall family tax results. Here are answers to...
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