Tax Articles
The Significance of a Living Will in Estate Planning
Posted by D’Marie Kleeman on April 04, 2024
A living will is an essential part of your estate planning strategy, providing peace of mind for you and your family in case of unexpected situations. However, many people neglect the need to create this important document, despite its significance.
Choosing the Right Business Structure - An S Corporation or an LLC?
Posted by Hayden Coll on March 26, 2024
Choose between an S corporation or LLC for your business based on various factors and tax advice. Our team can guide you.
Optimizing Sec. 179 Tax Deductions Alongside Bonus Depreciation
Posted by Kristin Re’ on March 25, 2024
Using Sec. 179 deductions together with bonus depreciation deductions is a smart tax strategy. For more information on how these rules apply or for any questions, our team is ready to help you.
2023 Year-End Tax Planning Guide - Corporate and M&A
Posted by Cory Van Deusen V on March 22, 2024
Corporations face a variety of unique tax rules and challenges - consider these key developments as corporations close tax year 2023 and begin 2024.
Ensuring Your Estate Plan Covers the GST Tax
Posted by Cheryl A. Jankowski on March 21, 2024
Even though the high GST tax exemption now lessens its effect on many families, it's still wise to prepare for this tax. After 2025, unless Congress intervenes, the exemption will drop significantly.
Tax Implications of Renting Your Vacation Property
Posted by Angela Miles on March 19, 2024
For tax purposes, the key factors are how many days you lease the property and the amount of income that you have to report for taxes, regardless of whether you rent to relatives or nonrelatives.
Bartering Constitutes a Taxable Transaction
Posted by Alexander Intihar on March 18, 2024
Small business owners and entrepreneurs may barter for good and services. Prior to setting-up an agreement, make sure you understand the tax implications and what market value represents.
2023 Year-End Tax Planning Guide - Tax Accounting Methods
Posted by Cheryl A. Jankowski on March 15, 2024
A taxpayer’s tax accounting methods determine when income is recognized and costs are deducted for income tax purposes. Many method changes require an application be filed with the IRS prior to the end of the year for which the change is requested.
Exploring Funding Mechanisms for Long-Term Care Expenses
Posted by Robert Ingrasci on March 14, 2024
To safeguard your assets earmarked for heirs, it's crucial to have a funding plan in place for long-term care insurance and expenses.
The Hidden Tax on Social Security Benefits
Posted by D’Marie Kleeman on March 12, 2024
It is important to know the nuances of how Social Security benefits are taxed, as many people wrongly think that these benefits are completely free from federal income tax.