Insights
Possible tax consequences of guaranteeing a loan to your corporation
What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. If your corporation defaults on the loan and you?re required to pay principal or interest under the guarantee agreement, you don?t want to be blindsided.
What tax records can you throw away?
At minimum, you should keep tax records for as long as the IRS has the ability to audit your tax return or assess additional taxes, which generally is three years after you file your return. However, the statute of limitations extends to six years for taxpayers who understate their adjusted gross income (AGI) by more than 25%.
Is an S corporation the best choice of entity for your business?
Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for your new venture. Here?s an explanation of the reasons why.
There may be relief from tax liability for innocent spouses
If you file a joint tax return with your spouse, you should be aware of your individual liability. And if youre getting divorced, you should know that there may be relief available if the IRS comes after you for certain past-due taxes.
Can investors who manage their own portfolios deduct related expenses?
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In some cases, investors have significant related expenses, such as the cost of ...
Divorcing couples should understand these 4 tax issues
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When a couple is going through a divorce, taxes are probably not foremost in ...
If you run a business from home, you could qualify for home office deductions
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If you're self-employed and run your business from your home or perform certain ...
What are the tax implications of buying or selling a business?
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If you are considering buying or selling another business, it's important to ...
Employer Tax Credits for paid sick leave and family and medical leave
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The Families First Coronavirus Response Act (FFCRA) was signed into law on ...
The cents-per-mile rate for business miles decreases again for 2021
This year, the optional standard mileage rate used to calculate the deductible costs of operating an ...
COVID-19 Relief bill:Consolidated Appropriations Act, 2021
On December 21, 2020, U.S. Senate and House of Representatives passed a $900 billion COVID-19 ...
2020 COVID relief bill provisions affecting individual taxpayers
Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. ...
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