Category: Tax Planning

Whenever you spend money on your business, the expense is either deducted on your federal tax return in the year it is incurred or depreciated over time. But much more […]

Most people have heard of Roth IRAs, but many people do not know that a Roth version of the 401(k) plan is available as well. Although this type of account […]

Borrowing money comes with a legal obligation to repay what is borrowed plus interest.  But what happens when part of the debt is forgiven? After the initial relief of not […]

The Ways and Means Committee of the US House of Representatives has unanimously passed a bill called the SECURE Act.  The act contains some major changes to retirement tax law.  […]

A capital gain or loss occurs when an individual or business sell a “capital asset.” A capital gain occurs when the selling price of the asset is higher than the […]

In short, the answer is yes. The Tax Cuts and Jobs Act made changes to meals and entertainment deduction, however business meals are still deductible.  Entertainment expenses, other than meals, are […]

The IRS will be addressing the deductibility of state and local tax payments for federal income tax purposes. It’s a reminder that federal law controls payments for federal income tax […]

The IRS is urging two-income families and folks who work multiple jobs to complete a paycheck checkup to verify that they’re withholding the right amount of tax from their paychecks. […]

The new tax law nearly doubles the standard deduction for individuals and families, simplifying the filing process for millions of Americans, but complicating giving strategies for many who have made […]

There are two types of tax advantaged individual retirement accounts (IRAs): the Roth IRA and Traditional IRA.  Taxed advantaged IRAs allow you to put a certain amount of money away […]

The EITC is a subsidy the federal government provides to those who work but earn very little. For 2018, the IRS has provided a table for income limits—numbers are up […]

Real estate can be a great investment, and many people don’t know they can also put property into their IRAs. However, they have to be careful: one small mistake and […]