Let’s say you drive for a ride-sharing app, deliver groceries ordered online or perform freelance home repairs booked via a mobile device. If you do one of these jobs or myriad others, you’re a gig worker – part of a growing segment of the economy. In fact, a 2019 IRS report found that the share [...]
Most people have April 15 “tattooed on the brain” as the deadline for filing their federal income tax returns. What you may forget is that the gift tax return deadline is one the very same date. So, if you made large gifts to family members or heirs last year, it’s important to determine whether you’re [...]
A wise person once said, “Simplicity is the key to a family budget.” (He or she may or may not have been an accountant.) However, it also needs to be comprehensive enough to cover all necessary items. To find the right balance, a budget should cover two distinct facets of family members’ lives: the near [...]
“Beware the Ides of March.” Shakespeare’s words don’t just apply to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March – March 15 – is the federal income tax filing deadline for these “pass-through” entities. [...]
Incentive stock options (ISOs) are a popular form of compensation for executives and other key employees. They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date. If the stock appreciates, you can buy shares at a [...]
The Tax Cuts and Jobs Act (TCJA) made a significant impact – both directly and indirectly – on the deductibility of various types of interest expense for individuals. One area affected is qualified residence interest. TWO WAYS ABOUT IT The TCJA affects interest on residential loans in two ways. First, by nearly doubling the standard [...]