2018 – 10/09 – 529 plans offer two tax-advantaged education funding options
Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. A prepaid tuition plan guarantees tuition regardless of its cost when the child attends…
2019 – 04/22 – How entrepreneurs must treat expenses on their tax returns
Have you recently started a new business or are you contemplating starting one? Keep in mind that not all start-up expenses can be deducted on your federal tax return right away. Some expenses probably must be amortized over time. You…
2019 – 04/23 – Casualty loss deductions: You can claim one only for a federally declared disaster
The rules for writing off personal casualty losses on a tax return have changed for 2018 to 2025. Specifically, taxpayers generally can’t deduct losses unless the casualty event qualifies as a federally declared disaster. (The rules for business or income-producing…
2019 – 04/15 – Deducting business meal expenses under today’s tax rules
The treatment of food, beverage and entertainment expenses became more complicated after the Tax Cuts and Jobs Act. Here’s how to get the biggest tax-saving bang for your business meal bucks.
2019 – 04/12 – Now or later? When to report subsequent events
Financial statements present a company’s financial position as of a specific date. But some events happen after the cutoff date that have financial implications for the prior period or the future. Subsequent events that provide further evidence of conditions that…
2019 – 04/02 – Make a deductible IRA contribution for 2018. It’s not too late!
You still have time to make your 2018 traditional and Roth IRA contributions. The deadline for most taxpayers is April 15, 2019. If you qualify, deductible contributions to traditional IRAs can lower your 2018 tax bill. Even nondeductible contributions can…
2019 – 04/01 – Understanding how taxes factor into an M&A transaction
If your company is merging with or acquiring another business, it’s important to understand how the transaction will be taxed. For tax purposes, a transaction can basically be structured in two ways: stock (or ownership interest) or assets. For tax…
Still working after age 70½? You may not have to begin 401(k) withdrawals
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required minimum distributions (RMDs) no later than April 1 of the year after which you turn age 70½. The penalty for withdrawing less…