Tom Petty’s Estate Is Free Fallin’
There’s no doubt the late, great rock star Tom Petty thought he had his legacy all wrapped up in a neat package before he passed away. Like too many before him, he was wrong. Unlike Aretha Franklin, Prince, and so many other rock-and-roll legends who died with ambiguous wills or no estate planning at all, […]
Work During Vacation Could Pay Off
Mixing business with pleasure while traveling this summer? Some of it might be tax deductible, but the rules are tricky. Your ability to deduct travel expenses depends on these six factors: Where you go. The IRS treats deductible travel expenses within the U.S. differently than travel expenses incurred internationally. When traveling abroad, for instance, individuals […]
Surprising Taxes On Alernative Investments
As your net worth grows, your financial advisor may suggest diversifying your portfolio with alternative investments. These assets can include gold and real estate. Cryptocurrencies are another emerging investment area. The amount you invest and how you invest in these alternative areas, however, can affect your taxes in surprising ways. Click To View
Passing Down Your Family Business
If it’s the latter, emotions can further complicate matters. Family business owners are often caught without a safety net when the sons or daughters they always envisioned running the business one day are either unwilling or unable to do so. Click To View
Business Tax Deduction Faqs
What expenses can my business deduct on its taxes? It’s such a simple question, yet the answer is shockingly complex. No tax situation is one-size-fits-all, and the rules are constantly changing. To offer clarity, we found some of the most “Googled” business deduction questions and answer them here. Can my business deduct charitable contributions? Yes, […]
Tax Changes For Employee Moving Expenses
Qualified moving expense tax treatment for employees has changed under the Tax Cuts and Jobs Act (TCJA). The transition started in 2018, but taxpayers are still being blindsided by what’s no longer covered. Through 2025, employers must include all moving expense reimbursements in their employees’ taxable wages, subject to income and employment taxes. The change […]
Painful IRS Lessons Continue For Actor Wesley Snipes
Actor Wesley Snipes served four years in prison for tax evasion, but it wasn’t enough to wipeout his $23.5 million tax bill. For that, Snipes continues his more than 13-year battle with the IRS, and the hits keep coming. The saga started in 2006 when the IRS first charged Snipes with felony tax fraud and […]
Retiring And Your Taxes
If you’re planning on retiring soon, congratulations! Enjoy and celebrate, but also take some time to understand how retiring right now will influence your future tax returns. Click To View
Retiring & Your Taxes
While taxes, in general, are a constant, tax codes are ever changing. Each year presents a different set of tax implications when it comes to retirement. If you’re planning on retiring soon, congratulations! Enjoy and celebrate, but also take some time to understand how retiring right now will influence your future tax returns. Click To […]
5 Audit Mistakes To Avoid
The IRS audits less than 1% of all tax returns. Before you breathe a sigh of relief, that still adds up to about 1 million audits every year. IRS software is helping to automate the process by flagging returns that show abnormalities. Perhaps the return deviates from what’s normally filed, or it’s been linked to […]