Like most business owners, you’ve probably heard about 100% bonus depreciation. It’s available for a wide range of qualifying asset purchases. But there are many important details to keep straight. Here are five key points about this powerful tax-saving tool. It’s scheduled to phase out. Under current law, 100% bonus depreciation will be phased out [...]
During the pandemic, more than a few families have hired household workers while schools in many areas have gone virtual and some day care centers have had limited availability. If you’ve done so, be sure you know the nuances of the “nanny tax.” WITHHOLDING TAXES For federal tax purposes, a household worker is anyone who [...]
If you’re a partner in a business, you may have encountered a situation that gave you pause. In any given year, you may have been taxed on more partnership income than was distributed to you. The cause of this quirk of taxation lies in the way partnerships and partners are taxed. Unlike regular corporations, partnerships [...]
Many young adults are heading off or back to college in the fall. It’s particularly exciting this year because of high hopes that, thanks to mass vaccinations, students will be able to have something approaching a traditional college experience. If your child has been awarded a scholarship, that’s cause for celebration, too! But be aware [...]
Family businesses make up a huge percentage of companies in the United States and produce much of the country’s gross domestic product. Generally defined as companies that are majority owned by a single family with two or more members involved in their management, family businesses can be a significant source of wealth. However, for various [...]
As investing in Bitcoin, Dogecoin and other cryptocurrencies becomes increasingly popular, investors need to understand the potential tax ramifications. Unlike traditional currency, the IRS views cryptocurrency as property for federal income tax purposes and even asks about it on IRS form 1040. Many transactions involving cryptocurrency – such as purchases of goods or services – [...]