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New Option for Unused Funds in a 529 College Savings Plan
With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free. However, earnings used for other purposes may be subject to income tax plus a 10% penalty.
Keep Reading this post - New Option for Unused Funds in a 529 College Savings Plan
Maximize the QBI Deduction Before It’s Gone
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow.
Keep Reading this post - Maximize the QBI Deduction Before It’s Gone
Tax-Wise Ways to Take Cash from Your Corporation While Avoiding Dividend Treatment
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow.
What’s the Best Accounting Method Route for Business Tax Purposes?
Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes.
Keep Reading this post - What’s the Best Accounting Method Route for Business Tax Purposes?
If You Gave to Charity in 2023, Check to See That You Have Substantiation
Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax return? It depends.
Keep Reading this post - If You Gave to Charity in 2023, Check to See That You Have Substantiation
If You Didn’t Contribute to an IRA Last Year, There’s Still Time
If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2024, filing date and benefit from the tax savings on your 2023 return.
Keep Reading this post - If You Didn’t Contribute to an IRA Last Year, There’s Still Time
Get Ready for the 2023 Gift Tax Return Deadline
Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required.
Keep Reading this post - Get Ready for the 2023 Gift Tax Return Deadline
Tax-Favored Qualified Small Business Corporation Status Could Help You Thrive
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea.
Don’t Overlook Taxes When Contemplating a Move to Another State
When you retire, you may think about moving to another state — perhaps because the weather is more temperate or because you want to be closer to family members. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complex than you think.
Keep Reading this post - Don’t Overlook Taxes When Contemplating a Move to Another State