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Tax Articles

 

Is a Health Savings Account a Cost Effective Option?

Is a Health Savings Account a Cost Effective Option?

Posted by Amanda Wojtkowski on September 22, 2021

If you’re an employee, you may be able to get a Health Savings Account with your employer. You can also open one of these tax-saving accounts through some banks and other financial institutions. Here are the basic rules.

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Tax Appreciation Rules for Corporate Vehicles

Tax Appreciation Rules for Corporate Vehicles

Posted by Kevin Smeader on September 21, 2021

Claiming depreciation deductions for a passenger automobile can involve complex calculations. Here are the basic rules.

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Federal Casualty Loss Tax Deductions

Federal Casualty Loss Tax Deductions

Posted by Jonathan Herdlein on September 20, 2021

Have you been affected by one of the many natural disasters that have occurred this year? Tax relief may be available if you know where to look.

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Residential Home Sale Profit May Result in Capital Gaines Tax

Residential Home Sale Profit May Result in Capital Gaines Tax

Posted by Michē Needham on September 17, 2021

If you’re selling your principal residence, some or all of the profit may be tax free. It depends on your home sale profit and your income. Here are the basic rules.

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Planning for Year-End Gifts

Planning for Year-End Gifts

Posted by Cheryl A. Jankowski on September 10, 2021

There have been proposals in Washington to reduce the estate and gift tax exemption amount, as well as make other changes to the estate tax laws. Making tax-free gifts by year-end can reduce the size of your taxable estate and may be one way to recognize and address this potential threat.

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Business Owners: Understand the Tax Implications of Divorce

Business Owners: Understand the Tax Implications of Divorce

Posted by Robert Torella on August 26, 2021

Divorce may have tax implications for the spouses involved, especially if one or both of them owns a business. Here are some of the issues involved.

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New Guidance and Election Application for the Optional Pass-Through Entity Tax (PTET)

New Guidance and Election Application for the Optional Pass-Through Entity Tax (PTET)

Posted by Mehak Begemann on August 25, 2021

The New York State Tax Department has issued a technical memorandum and webpage to provide information on the new optional PTET.

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Tax Consequences of Guaranteeing a Loan

Tax Consequences of Guaranteeing a Loan

Posted by Brian Kern on August 23, 2021

If your corporation defaults on a loan that you guarantee, you don’t want to be blindsided by the tax implications.

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Large Cash Transactions Must Be Reported to the IRS

Large Cash Transactions Must Be Reported to the IRS

Posted by Jonathan Herdlein on August 16, 2021

Certain types of businesses receive large payments of cash. They may be required to report the transactions to the IRS. Here are the rules.

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Scholarships May Now Be Taxable

Scholarships May Now Be Taxable

Posted by Emma Ouweleen on August 16, 2021

If your child receives a scholarship, is the amount taxable income? Here are the rules.

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