Nonqualified deferred compensation (NQDC) plans pay executives at some time in the future for services currently being performed. They differ from qualified plans, like 401(k)s, in that: NQDC
Many tax breaks are reduced or eliminated for higher-income taxpayers. Two that you need to watch out for are the itemized deduction reduction and the personal exemption phase-out.
Generally, commercial buildings and improvements are depreciated over 39 years. This essentially means you can deduct a portion of the cost every year over the depreciation period. (Land
Whether you’re selling your business or acquiring another company, the tax consequences can have a major impact on the transaction’s success or failure. Consider installment sales, for example.
In addition to income tax, Social Security and Medicare taxes are collected on earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only
Until recently, estate planning strategies typically focused on minimizing federal gift and estate taxes, such as by giving away assets during life to reduce the taxable estate. Today,
Generally speaking, it’s always better to defer tax. One way is through controlling when your business recognizes income and incurs deductible expenses. Here are two timing strategies that
One of the ways your business can find and keep valuable employees is to offer an attractive compensation package. Fringe benefits are an important incentive — especially those
When you change jobs you have a lot to think about. It’s easy for your 401(k) or other employer-sponsored retirement plan to get lost in the shuffle. But
Section 529 plans provide a tax-advantaged way to help pay for college expenses. Here are just a few of the benefits: Although contributions aren’t deductible for federal purposes,
A lot of attention is paid to individual tax identity theft — when a taxpayer’s personal information (including Social Security number) is used to fraudulently obtain a refund
Income tax generally applies to all forms of income, including cancellation-of-debt (COD) income. Because if a creditor forgives a debt, you avoid the expense of making the payments,
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