Insights
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?
In some cases, investors have significant related expenses, such as the cost of subscriptions to financial ...
Divorcing couples should understand these 4 tax issues
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper ...
If you run a business from home, you could qualify for home office deductions
If you're self-employed and run your business from your home or perform certain functions there, you might be able ...
What are the tax implications of buying or selling a business?
If you are considering buying or selling another business, it's important to understand the tax ...
Employer Tax Credits for paid sick leave and family and medical leave
The Families First Coronavirus Response Act (FFCRA) was signed into law on March 18, 2020. It provides businesses ...
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 automobile ...
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 relief bill, ...
2020 COVID relief bill provisions affecting individual taxpayers
Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The ...
Drive more savings to your business with the heavy SUV tax break
Are you considering replacing a car that you're using in your business? There are several tax implications to keep ...