Valuable gifts to charity may require an appraisal
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to...
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- May 17, 2022
- 2 min
Inflation enhances the 2023 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates...
- May 5, 2022
- 3 min
Thinking about converting your home into a rental property?
In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing...
- May 3, 2022
- 2 min
Tax issues to assess when converting from a C corporation to an S corporation
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S...
- May 2, 2022
- 4 min
Congress eyes further retirement savings enhancements
In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation...
- Apr 14, 2022
- 3 min
Selling mutual fund shares: What are the tax implications?
If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment...
- Apr 12, 2022
- 2 min
Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions
Typically, businesses want to delay the recognition of taxable income into future years and accelerate deductions into the current year....
- Apr 7, 2022
- 3 min
Are you eligible for a medical expense tax deduction?
You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not...
- Apr 5, 2022
- 2 min
Providing a company car? Here’s how taxes are handled
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax...
- Mar 31, 2022
- 3 min
The tax rules of renting out a vacation property
Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting...
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