Year-End Tax Planning Ideas for Individuals

Year-End Tax Planning Ideas for Individuals

Fall is officially here. So now is a good time to start taking steps that may lower your tax bill for this year and next. One of the first planning steps is to determine whether you’ll take the standard deduction or itemize deductions for 2022. Many taxpayers won’t...
Work Opportunity Tax Credit Provides Help to Employers

Work Opportunity Tax Credit Provides Help to Employers

In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware the WOTC is available to employers who hire workers from targeted groups facing significant barriers to employment....
Don’t Forget Income Taxes When Planning Your Estate

Don’t Forget Income Taxes When Planning Your Estate

Many estates no longer need to be concerned with federal estate tax as a result of the current estate tax exemption amount ($12.06 million in 2022),. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. But now, because many estates...
Seller-Paid Points: Can Homeowners Deduct Them?

Seller-Paid Points: Can Homeowners Deduct Them?

In its latest report, the National Association of Realtors (NAR) announced July 2022 existing home sales were down, but prices were up compared to last year nationwide. “The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June,” said...
Separating Your Business from Its Real Estate

Separating Your Business from Its Real Estate

Does your business need real estate to operate? Does it hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the tax, liability and estate planning advantages of separating...