Taxation Insights
When making transfers of business interests or other assets to family members, there’s a three-year period where the IRS can challenge their values for gift tax purposes. During that time, the tax agency can claim the transfers originally treated as nongifts were actually gifts or partial gifts.
If you are self-employed there could be a chance that you are eligible for the self-employed health insurance deduction. Keeping in mind that the deduction can't exceed the net income you earn from your business.
Tax season is in full swing and Tax Day is in the near future. Help our tax professionals help you with these simple steps on submitting clean, crisp, legible documents.
Under the right circumstances, qualified small business stock (QSBS) offers tax savings for business owners. Essentially, QSBS allows them (and their heirs) to sell their stock free of capital gains tax.
Fake charities tend to appear when there are natural disasters or other tragic events. Keep yourself protected from fake charities by looking out for these red flags.
Having a solid saving strategy is critical to maintaining one’s current lifestyle in retirement. It’s just as important to have a well-thought-out retirement spending plan.
The potential pitfalls of electing to take an employer's matching 401(k) plan contributions as Roth contributions.
U.S. citizens are subject to federal gift and estate taxes on transfers of their assets during life (via gift tax) or at death (via estate tax). However, they enjoy certain exemptions, such as exclusions and deductions. For individuals who aren’t U.S. citizens, traditional estate planning tools may not adequately minimize their gift and estate tax exposure.
There are many several positive reasons for rolling over funds from one IRA to another, or from a 401(k) plan or other employer retirement plan to an IRA. They include wanting to consolidate retirement savings into one account or moving funds from one account into another that offers more attractive investment options. Care should be taken to avoid the common mistakes that can happen when rolling over.
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