How To Avoid Tax Scams
Scam artists seem to come out of the woodwork when there’s money involved — and taxes are no exception. Fortunately, if you familiarize yourself with common tax scams and understand what the IRS will and won’t do, it’s easy to avoid them. Common scams Here are some common tax fraud schemes: Calls from IRS impersonators….
Is A Roth IRA Conversion Right For You This Year?
The COVID-19 pandemic has been causing havoc in the global markets and the U.S. economy. In these uncertain times, it’s important to stay on top of your financial status, including taking measures to protect your retirement nest egg over the long term. One idea to consider is converting a traditional IRA to a Roth IRA….
Rolling Over Capital Gains Into A Qualified Opportunity Fund
If you’re selling a business interest, real estate or other highly appreciated property, you could get hit with a substantial capital gains tax bill. One way to soften the blow — if you’re willing to tie up the funds long term — is to “roll over” the gain into a qualified opportunity fund (QOF). What…
5 Tips For Safe Intrafamily Loans
If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences — such as unexpected taxable income, gift tax or both. Here are five tips to help avoid any unwelcome tax surprises: Create a paper trail. In general,…
Gig Workers, Know Your Tax Responsibilities
Let’s say you drive for a ride-sharing app, deliver groceries ordered online or perform freelance home repairs booked via a mobile device. If you do one of these jobs or myriad others that are similar, you’re likely a gig worker — part of a growing segment of the economy. For taxpayers who’ve turned to gig…
Succession Planning Trends to Watch
This article discusses some of the basics that you can capitalize on to ensure that the succession of your business is as easy and efficient as possible. For example, tips such as communicating early, defining goals, and establishing a talent development program are all important things to consider when handing your business over. Be sure…
“Small” Is Bigger Than Ever
Is your business eligible for expanded tax benefits? Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes and simplify the reporting process. Until recently, federal tax rules generally defined “small business” as one with average annual gross receipts of $5 million or less ($1 million or $10…
The Proper Care And Feeding Of Your S Corporation
Diligence required to avoid inadvertent termination and loss of tax benefits The S corporation continues to be a popular entity choice, combining the liability protection of a corporation with many of the tax benefits of a partnership. But these benefits come at a price: S corporations must comply with strict requirements that limit the number…