High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) in addition
If you and your employees are traveling for business this summer, there are a number of considerations you should keep in mind. Under tax law, in order to
You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million
If you’re claiming deductions for business meals or auto expenses, expect them to be reviewed closely by the IRS. In some cases, taxpayers have incomplete documentation or try
In recent years, more and more workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for paying
Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be sure
If you’ve successfully filed your 2022 tax return, you may think you’re done with taxes for another year. But some questions may still crop up about the return.
Losses can happen whether you’re operating a new company or an established business. The federal tax code may help soften the blow by allowing businesses to apply losses
If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain
One popular fringe benefit is an education assistance program allowing employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to
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