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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.
Keep Reading this post - The Pros and Cons of Turning Your Home Into a Rental
The Tax Advantages of Including Debt in a C Corporation Capital Structure
You should know that the federal tax code treats corporate debt more favorably than corporate equity. So for shareholders of closely held C corporations, it can be a tax-smart move to include in the corporation’s capital structure
Keep Reading this post - The Tax Advantages of Including Debt in a C Corporation Capital Structure
Growing Your Business With a New Partner: Here Are Some Tax Considerations
There are several financial and legal implications when adding a new partner to a partnership.
Keep Reading this post - Growing Your Business With a New Partner: Here Are Some Tax Considerations
When Partners Pay Expenses Related to the Business
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm.
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When Businesses May Want to Take a Contrary Approach With Income and Deductions
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year.
Don’t Have a Tax-Favored Retirement Plan? Set One Up Now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions.
Keep Reading this post - Don’t Have a Tax-Favored Retirement Plan? Set One Up Now
California Top Tax Rate for Wage Earners Increased to 14.4%
In the state of California, if you are the sole shareholder (other than your spouse) and officer of a corporation, you could save over $1,300 by electing to exclude your corporate wages from State Disability Insurance (SDI) withholding.
Keep Reading this post - California Top Tax Rate for Wage Earners Increased to 14.4%
Update on Retirement Account Required Minimum Distributions
If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age.
Keep Reading this post - Update on Retirement Account Required Minimum Distributions