When one spouse in a married couple is not earning compensation, the couple may not be able to save as much for a comfortable retirement. In general, an
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s
If you’re taking a deduction on your vehicle, either for actual expenses or mileage, you’ll want to make sure your deduction is “audit proof”. To do this you
If you’re age 65 or older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums
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
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