Can you deduct the costs of a spouse on a business trip?
Posted February 22, 2022 / No comments
If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This means you can’t deduct theRead More
Does your trust need protection?
Posted January 27, 2022 / No comments
Designing an estate plan can be a delicate balancing act. On the one hand, you want to preserve as much wealth as possible for your family by protecting it from estate taxes and creditors’ claims. On the other hand, you want to have some control over your assets during your life. Unfortunately, these two goalsRead More
Help safeguard your personal information by filing your 2021 tax return early
Posted January 20, 2022 / No comments
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until much closer to the April deadline (or you file for an extension until October), consider filing earlier this year. Why? You can potentially protect yourselfRead More
The American Rescue Plan Act has passed: What’s in it for you?
Posted March 11, 2021 / No comments
Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. President Biden is expected to sign the 628-page American Rescue Plan Act (ARPA), which includes $1.9 trillion in funding for individuals, businesses, and state and local governments. The ARPARead More
IRS issues final regs on ICHRAs
Posted January 22, 2021 / No comments
In mid-January, the IRS issued final regulations that clarify the application of employer shared responsibility provisions under the Affordable Care Act (ACA), as well as nondiscrimination rules, to Health Reimbursement Arrangements (HRAs). The regs also address Individual Coverage Health Reimbursement Arrangements (ICHRAs). These accounts allow employers to make tax-deductible contributions to reimburse employees for partRead More
Don’t procrastinate if you plan to transfer ownership of your life insurance policy
Posted October 5, 2020 / No comments
Generally, the proceeds of your life insurance policy are included in your taxable estate. You can remove them by transferring ownership of the policy, but there’s a catch: If you wait too long, your intentions may be defeated. Essentially, if ownership of the policy is transferred within three years of your death, the proceeds revertRead More
CARES Act made changes to excess business losses
Posted August 25, 2020 / No comments
The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is more information aboutRead More
Will You Have to Pay Tax on Your Social Security Benefits?
Posted August 25, 2020 / No comments
If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This doesn’t mean you pay 85% of yourRead More
The President’s action to defer payroll taxes: What does it mean for your business?
Posted August 17, 2020 / No comments
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be paid in the future.Read More
5 good reasons to turn down an inheritance
Posted August 13, 2020 / No comments
You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset to bypass your estate and go to the next beneficiary in line. What are the reasons you’d take this action? Here are five reasons: 1. Gift and estate tax savings. This is often cited asRead More