Get 2 tax benefits from 1 donation: Give appreciated stock instead of cash
If you’re charitably inclined, making donations is probably one of your key year-end tax planning strategies. But if you typically give cash, you may want to consider another option that provides not just one but
Prepaid tuition vs. college savings: Which type of 529 plan is better?
Section 529 plans provide a tax-advantaged way to help pay for college expenses. Here are just a few of the benefits: Although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred. Some states
Documentation is the key to business expense deductions
If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. Here are two recent U.S. Tax Court cases that help illustrate the rules
Tax impact of investor vs. trader status
If you invest, whether you’re considered an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade stocks are classified as investors
Are frequent flyer miles ever taxable?
If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might assume that there are no tax implications involved.
Now’s the time to start thinking about “bunching” — miscellaneous itemized deductions, that is
Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow
Preparing for a sale — even if you have no plans to sell
Many business owners are so consumed with the day-to-day responsibilities of running a company that they don’t have time to consider the idea of selling. But even if retirement is the last thing on your
Should you offer spousal health care coverage?
When looking to manage benefits costs, employers have many ideas to consider. One in particular is whether and how to offer health care insurance to their employees’ spouses. The Affordable Care Act doesn’t require spousal
Combining business and vacation travel: What can you deduct?
If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off? Transportation expenses Transportation costs
4 pillars of robust business growth
Many businesses start life small and simple. But with growth comes the need for a stronger company infrastructure and increased operational sophistication. As you pursue a more robust business, focus on these four pillars: 1.
3 strategies for tax-smart giving
Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime
Don’t roll the dice with your taxes if you gamble this year
For anyone who takes a spin at roulette, cries out “Bingo!” or engages in other wagering activities, it’s important to be familiar with the applicable tax rules. Otherwise, you could be putting yourself at risk