If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code… Read More »Investing in the future with a 529 education plan
IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report , but that’s little consolation if your return is among those selected to be examined. Plus, the IRS recently received… Read More »Worried about an IRS audit? Prepare in advance
Now that fall is officially here, it’s 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 ascertain whether… Read More »Year-end tax planning ideas for individuals
Construction business owners know that cash is king. However, managing cash flow in an industry known for its ebbs and flows isn’t easy. And when you throw in the steady rise of inflation and ongoing… Read More »9 cash-flow management tips for construction companies
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 that the WOTC is available to employers that hire workers… Read More »Work Opportunity Tax Credit provides help to employers
As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate… Read More »Don’t forget income taxes when planning your estate
Many contractors likely sat up and took notice in August when the Inflation Reduction Act (IRA) was signed into law. The IRA is expected to have a substantial impact on the construction industry, largely because… Read More »Construction industry awaits guidance on new energy tax incentives
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply… Read More »2022 Q4 tax calendar: Key deadlines for businesses and other employers
Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits… Read More »Separating your business from its real estate
Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end approach of deferring income… Read More »Year-end tax planning ideas for your small business
In its latest report, the National Association of Realtors (NAR) announced that July 2022 existing home sales were down but prices were up nationwide, compared with last year. “The ongoing sales decline reflects the impact… Read More »Seller-paid points: Can homeowners deduct them?
High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may… Read More »Is your income high enough to owe two extra taxes?