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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...

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...

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...

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...

Congress eyes further retirement savings enhancements

In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation...

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...

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....

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...

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...

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...