When inheriting money, be aware of “income in respect of a decedent” issues
March 21, 2022
For the most part, property you inherit isn’t included in your income for tax purposes. However, certain items may have to be included in your income, although you may also be entitled to a deduction on account of them.
Lost your job? Here are the tax aspects of an employee termination
March 11, 2022
Most people don’t think about taxes if they lose their jobs but there can be tax implications to a layoff or termination. Here are some of the issues that may occur.
There still may be time to cut your tax bill with an IRA
March 3, 2022
To help ensure financial security in retirement, saving now on a tax-favored basis is a smart move. And if you qualify, you still have time to contribute to an IRA or SEP and save on your 2021 tax return.
Are you ready for the 2021 gift tax return deadline?
February 24, 2022
April 18 isn’t only the income tax return deadline. It’s also the gift tax return deadline for people who made large gifts last year. Find out if you’re required to file a 2021 gift tax return this April. (Note: you may want to file one anyway).
Can you deduct the costs of a spouse on a business trip?
February 23, 2022
If you own your own business, the rules for deducting a spouse’s travel costs are very restrictive. Here are the rules.
Married couples filing separate tax returns: Why would they do it?
February 16, 2022
In general, married couples who file jointly save more money on taxes than those who file separate returns. However, there are situations when filing separately is a better option.
