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Social Security Tax Update: How High Can It Go?
Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax they pay.
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If Your Business Has Co-owners, You Probably Need a Buy-Sell Agreement
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement.
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Be Aware of the Tax Consequences of Selling Business Property
If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply.
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Consider Borrowing From Your Corporation, But Structure the Deal Carefully
If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate.
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When Do Valuable Gifts to Charity Require an Appraisal?
If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information…
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Pay Attention to the Tax Rules if You Turn a Hobby Into a Business
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business.
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Taxes When You Sell an Appreciated Vacation Home
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home.
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Watch Out for “Income in Respect of a Decedent” Issues When Receiving an Inheritance
Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to be true. While most inherited property is tax-free to the recipient.
The Pros and Cons of Turning Your Home Into a Rental
If you’re buying a new home, you may have thought about keeping your current home and renting it out.
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