Tax Planning

Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025. With this […]

If you’re financially successful or expect to become so, taxes are or will become one of your biggest expenses — and most people want to minimize their tax obligations. Roughly two-thirds of Americans say that they pay too much in federal income taxes, according to a poll earlier this year from the University of Chicago Harris […]

The next quarterly estimated tax payment deadline is June 17 for individuals and businesses, so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated tax without triggering the penalty for underpayment of estimated tax. Four possible options The required installment […]

Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could be a solution with a tax-saving bonus. It involves taking out a reverse mortgage. Reverse mortgage basics With a reverse mortgage, the borrower doesn’t make payments to the lender to pay […]

There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: Medical expenses. If the individual qualifies as […]

Are you planning to take a business trip this summer? If your destination is known for its cultural or recreational attractions, you might want to combine some leisure with your business activities. You still may be able to enjoy plenty of tax benefits from the trip — if you stick to a strict tax itinerary. The […]

For years, the tax code has offered an incentive for employers to provide child care to their employees in the form of the Section 45F child care tax credit. But the credit is rarely claimed, according to the Congressional Research Service. Employers that qualify for the credit could significantly cut their tax bills, while simultaneously boosting […]

Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated land that you want to subdivide into lots, develop them and sell them off for a big profit. Either way, you’ll incur a tax bill. For purposes of […]

Homeowners have long been rewarded with favorable tax treatment for making energy-efficient improvements. The Inflation Reduction Act, enacted in 2022, expands the tax credit for qualified energy-efficient improvements to help subsidize home energy audits, which can result in even more savings in your utility bills. Recent IRS guidance sheds some light on the credit. Overview The […]

Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal tax code treats corporate debt more favorably than corporate equity. So for shareholders of closely held C corporations, it can be a tax-smart move to include […]