Individual Retirement Accounts – Traditional IRAs, Roth IRAs, and their Differences Individual retirement accounts (IRAs) are tax-leveraged savings tools that allow taxpayers to financially prepare for their post-work years. While some IRAs may be offered through an employer, taxpayers typically choose and manage their own IRA. And one of the most important considerations when choosing […]
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Fringe Benefits: What They Are and How They Are Taxed Fringe benefits are additional forms of compensation beyond money. While the term “fringe” may suggest that these benefits are uncommon, they are in fact ubiquitous among employees. Health benefits, for example, are offered to about 75 percent of all U.S. employees, according to the Bureau
As a business’s assets rise or fall in value, the result is either a capital gain (an increase in value) or capital loss (a decrease in value). The vast majority of assets are considered capital assets, but not all. Further, capital gains and losses are each heavily regulated by tax codes and require additional attention
Capital Gains and Losses: How They’re Categorized and How They’re Taxed Read More »
Is Your Vehicle Used for Business Purposes? There’s a Deduction for That For many workers, a vehicle is as important to their operations as their office or their staff. As a vital part of the business, getting every last bit of value out of the vehicle is a priority. One way to optimize vehicular value
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Cryptocurrency: What It Is and How It Affects Taxes The concepts behind cryptocurrency have been around for a long time, but they weren’t realized until Bitcoin was introduced in 2009. Since then, hundreds of cryptocurrencies (or crypto) have emerged to capitalize on the Bitcoin trend, and a handful of them have managed to stick. In
High Income Taxpayers Have Many More Tax Provisions to Consider As a taxpayer’s income increases, so does the complexity of their tax picture. There are numerous tax provisions that only affect high earners, and plenty of benefit phase-outs to be aware of. These provisions can interact with each other in a confusing manner, so the
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Just Married? Here Are Some Newlywed Tax Tips to Stay on Track If you’ve just tied the knot, you’ve also tied your financial life with your spouse. That comes with many tax-related implications, and it’s highly recommended that they be addressed right away. By doing so, newlyweds can avoid tax complications during filing season. Where
Many taxpayers develop a long-term relationship with their accountant – one that can stretch out for decades. In that time, the accountant may essentially take ownership of their client’s financial information. That’s a big responsibility with potentially big financial ramifications, so the natural question is – what do people do when their accountant suddenly retires
Your Accountant Died or Retired—Now What Do You Do? Read More »
Death of a Taxpayer: How Tax Information is Handled for the Deceased When a taxpayer dies, there are tax-related loose ends that must be tied up, especially if that taxpayer earned income during the final year of their life. The process here can be complicated and will involve several forms – all of which must
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Sole Proprietor or Partnership? Don’t Forget Self-Employment Taxes If you operate a business as a sole proprietor or in a partnership, you’ll need to set aside additional income (and time) to satisfy your self-employment (SE) tax obligations. SE taxes are added to your income tax, but there are deductions that only the self-employed can utilize,
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