If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income… Read More »The Trust Fund Recovery Penalty: Who can it be personally assessed against?

When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed… Read More »Are you married and not earning compensation? You may be able to put money in an IRA

Construction business owners are regularly urged to buy the latest and greatest software. But no such tool is perfect. Off-the-shelf products don’t always provide the specific functionality needed or “play well” with other systems. All… Read More »Should your construction business invest in custom software?

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply… Read More »2023 Q3 tax calendar: Key deadlines for businesses and other employers

If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially for married couples… Read More »When can seniors deduct Medicare premiums on their tax returns?

Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem.… Read More »Advantages and disadvantages of claiming big first-year real estate depreciation deductions

High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately,… Read More »Reduce the impact of the 3.8% net investment income tax

To maximize their tax savings, construction business owners need to plan year-round. Strategic tax planning is about not only knowing which credits and deductions your company can claim, but also minding other important details. Here… Read More »Strategic tax-planning Q&As for construction businesses

If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for… Read More »Traveling for business this summer? Here’s what you can deduct

You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married). However, if you have… Read More »Benefits of a living trust for your estate

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing… Read More »Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig… Read More »Being a gig worker comes with tax consequences