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Many people dream of turning their hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit

Vacation homes in upscale areas may be worth way more than owners paid for them. This is great for getting a higher price, but what about taxes? Here

It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships like architecture or law firms.

Most people are genuinely appreciative of inheritances. Who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to be true.

Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite?

If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and two-bedroom residences

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions.

The tax filing deadline for 2023 tax returns is April 15 this year. If you need more time, you can file for an extension until October 15. In

If you’re starting a new business, or already operating one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to

The April 15 tax filing deadline is right around the corner. However, sometimes it’s not possible to gather your tax information by the due date and you might

Here are some of the key tax-related deadlines applying to businesses and other employers during the second quarter of 2024. Keep in mind this list isn’t all-inclusive, so