If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain
Generally speaking, your business should maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year
Are you dreaming of buying a vacation beach home, lakefront cottage, or ski chalet? Or maybe you’re fortunate enough to already own a vacation home. In either case,
If your small business is strapped for cash (or needs to save money), you may find it beneficial to barter or trade for goods and services. Bartering is
Some people mistakenly believe Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income
Tax deductions are how small business owners actually keep more of what they earn. Every dollar of legitimate business expense reduces taxable income, which reduces federal income tax,
Unemployment has been holding steady recently at 3.7%. But some people are still losing their jobs — particularly in certain industries including technology and media. If you’re laid
With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow
If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However, a
A recent report shows post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according
If you’re gathering documents to file your 2023 tax return and you’re concerned your tax bill may be higher than you’d like, there might still be an opportunity
Did you make large gifts to your children, grandchildren, or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax
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