Scholarships Are Usually Tax Free But They May Result in Taxable Income
If your child receives a scholarship, is the amount taxable income? Here are the rules.
5 Possible Tax Aspects of a Parent Moving into a Nursing Home
Long-term care, including nursing home care, is expensive. Fortunately, there may be tax breaks if your parent is moving into a nursing home.
The Deductibility of Corporate Expenses Covered by Officers or Shareholders
If you spend money personally on behalf of your closely held corporation, you want to make sure either you or the business can deduct the expense. Here are the rules.
There’s Currently A “Stepped-up Basis” If You Inherit Property – But Will It Last?
Have you inherited assets or are you planning your estate? If so, it’s crucial to understand the current “step-up” basis rules and why they might change.
Can Taxpayers Who Manage Their Own Investment Portfolios Deduct Related Expenses? It Depends.
Are you an investor or a trader? The difference is important for tax purposes.
IRS Audits May Be Increasing, So Be Prepared.
An IRS audit seems scary but may be nothing to worry about. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest IRS statistics, as well as some tips on how to help come out of an audit with a favorable result.
Eligible Businesses: Claim The Employee Retention Tax Credit
If your business hasn’t already claimed the Employee Retention Tax Credit, you should check out if you’re eligible. The money can help with the costs you incur in hiring and retaining employees during the pandemic.
Seniors May Be Able To Write Off Medicare Premiums On Their Tax Returns
If you have Medicare insurance (including supplemental), you know it can be expensive to get the coverage you want. But you may be able to deduct the cost of premiums, along with other medical expenses, on your tax return. Here are the rules.
Tax-favored Ways to Build Up a College Fund
Your college savings can go farther with tax-favored vehicles. Here are some options.
Retiring Soon? 4 Tax Issues You May Face
Tax planning is still important after you retire. Here are some of the tax implications of retirement.