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What Might Happen if a 15% Corporate Federal Income Tax Rate Becomes Law?

By |June 28th, 2017|

President Trump has proposed a 15% federal income tax rate on business income. What could this mean for businesses if this becomes law? Learn more about this in our new blog post.

Claiming a Moving Expenses Deduction on Your Federal Tax Return

By |June 27th, 2017|

Are you eligible for a federal tax deduction for moving costs? You must pass 3 tests. Learn more about these tests and other important factors in deducting moving expenses in our new blog post.

2017 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

By |June 20th, 2017|

During summertime, tax deadlines are probably the last thing on your mind. But there are some important Q3 2017 deadlines that businesses can’t afford to forget about. Here are a few key tax-related deadlines for businesses and other employers during Quarter 3 of 2017.

Pay Attention to the Details When Conducting an Investment Sale

By |June 13th, 2017|

f you don’t pay attention to the details, the tax consequences of selling an investment may be different from what you expect. For example, if you bought the same security at different times and prices and want to sell high-tax-basis shares to reduce gain or increase a loss to offset other gains, be sure to identify which block of shares is being sold. Learn more about what can affect the tax consequences of your sale in this blog post.

Coverdell ESAs: The Tax-Advantaged Way to Fund Elementary and Secondary School Costs

By |June 6th, 2017|

The school year’s end is a good time to think about Coverdell Education Savings Accounts (ESAs), especially if you have young children or grandchildren. One ESA advantage is that tax-free distributions aren’t limited to college expenses; they also can fund elementary and secondary school costs, such as tutoring and private school tuition. Learn more in this new blog post.

Donating a Vehicle Might Not Provide the Tax Deduction You Expect

By |May 31st, 2017|

Your deduction for a vehicle donation depends on what the charity does with it. Before you make your donation, be sure you're aware of the rules on taking charitable deductions. Learn more in this blog post.

IRS Must Reveal Workers’ Tax Return Information in Employee Misclassification Case

By |May 30th, 2017|

A recent unanimous ruling by the U.S. Tax Court could make it easier for employers whose workers have been reclassified as “employees” by the IRS to avoid income tax liability for the workers’ earnings. The ruling allowed an employer access to its reclassified workers’ individual tax returns, which could reveal that they had already paid income tax on their earnings, thereby reducing the employer’s liability for withholding taxes. This article details the implications of the U.S. Tax Court Case.

Business Owners: When it Comes to IRS Audits, Be Prepared

By |May 23rd, 2017|

As a business owner, you likely are concerned about being audited by the IRS. Audits can occur randomly, but some tax return items may raise red flags with the IRS, such as major inconsistencies between previous years’ filings and the most current one, profit margins or expenses markedly different from those of similar businesses, and unusually high deductions. Learn more about what may lead you to be audited and how to prepare in this blog post.

Real Estate Professional vs. Investor: Why It Matters

By |May 16th, 2017|

Income and losses from investment real estate or rental property are passive by definition, unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax, and passive losses generally are deductible only against passive income, with the excess carried forward. Learn more about the NIIT in this blog post.

Evaluate the Tax Risks and Rewards of Operating Across State Lines With a Nexus Study

By |May 9th, 2017|

Operating in another state might mean being subject to taxation there, generally if you have nexus with the state. Essentially, “nexus” means a business presence that’s substantial enough to trigger the state’s tax rules and obligations. What activates nexus depends on a state’s chosen criteria. Learn more in this blog post.