Deducting expenses for medical and dental care is easier when you know the rules.
If you itemize your deductions for a taxable year on Form 1040, Schedule A Itemized Deductions, you may be able to deduct unreimbursed expenses you paid that year for medical and...
Putting your children on payroll can help reduce the overall family tax bill and transfer assets to your children without introducing gift tax implications. This post explains the things you need to know to make this work for your family and your business....
If you were married this past year, congratulations! Getting married is a big step in your life and along with it comes many changes. One change is filing taxes as a married couple for the first time. This advice can help you get started....
When can you use bad debt to reduce business income? Even when you take the customer to court and you still don't get your money, there's a way to make lemonade from this lemon of a customer. This post explains what bad debt is, and...
Get started organizing paperwork now to make tax time less stressful.
Most of the papers you need to document the income, interest and withheld taxes you report arrive in your mailbox in January, with investment-related 1099s often coming in February. Get ready for their arrival by...
In determining gain or loss on sale of a partnership interest, taxpayers are often surprised to find they have a taxable gain. This post reviews some typical examples of such a sale and how they are treated for tax purposes....
Companies operating in the food and beverage industry are constantly facing increased costs in raw materials, fuel, and regulatory changes while trying to keep pricing competitive and gain market share. Rising costs can be related to research and development (R&D), which include developing new products...
From working with our law firm clients and associates, we realized that many firms are still scrambling to come to grips with the tax code changes and develop tax planning strategies around them. We’ve summarized key changes in the tax code that impact law firms...
While US citizens and residents are subject to worldwide estate and gift taxation on their gratuitous transfers, non-residents are only subject to the US estate tax on property that is situated, or deemed situated, in the United States. This post discusses some of the tax...
The Internal Revenue Service is urging taxpayers to do a “paycheck checkup.” To help understand the implications of the Tax Cuts and Jobs Act, the IRS unveiled several new features to navigate the issues affecting withholding in their paychecks. This post highlights the new features...
