When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property. Business gain and loss tax basics The federal income tax character of gains and losses […]
Read More How Section 1231 gains and losses affect business asset salesSenate Finance Committee Chair Mike Crapo (R-ID) and Ranking Member Ron Wyden (D-OR) recently issued draft legislation they claim will “improve the taxpayer experience.” In a statement, Crapo and Wyden said the proposed draft, dubbed the Taxpayer Assistance and Service (TAS) Act, is intended to “facilitate communication between the [IRS] and taxpayers, streamline processes for […]
Read More Draft legislation issued to improve taxpayer experiencePresident Trump announced that 25% tariffs would be imposed on products from Canada and Mexico, effective Feb. 4. But on Feb. 3 after a stock market drop, he announced that tariffs on Mexico would be paused for one month. He also imposed a 10% tax on energy resources from Canada. In addition, he imposed an […]
Read More Tariffs paused for Canada & MexicoAs higher education costs continue to rise, you may be concerned about how to save and pay for college. Fortunately, several tools and strategies offered in the U.S. tax code may help ease the financial burden. Below is an overview of some of the most beneficial tax breaks and planning options for funding your child’s […]
Read More Saving for college: Tax breaks and strategies your family should knowTaxpayers preparing to file their 2024 tax returns may wonder if they qualify for a home office tax deduction. Keep in mind that it comes with specific requirements. Employees working remotely at an employer’s request don’t qualify. Self-employed individuals whose homes serve as their principal place of business may be eligible. However, the portion of […]
Read More Can I deduct a home office?When gathering your tax records, it’s easy to overlook smaller amounts of income. However, taxpayers who are employees must generally include all income, not just the amount they find on an employer-generated W-2 form. For example, did you make goods and sell them on an online marketplace or at a craft fair? Did you sell […]
Read More What Income do I report on my tax return?Financial statements provide insights into a company’s historical performance. But the parties to a merger or acquisition are also interested in assessing the acquisition target’s potential to generate cash flow in the future. That’s where an independent quality of earnings (QOE) report comes into play. Looking to the future QOE reports look beyond the quantitative […]
Read More Beyond the financials: What’s a quality of earnings report?Distributions from IRAs before age 59½ are generally subject to income tax and a 10% penalty. But there are exceptions. For example, first-time homebuyers can withdraw $10,000 penalty-free, and adoptive parents can withdraw up to $5,000 to help pay adoption costs. Victims of federally declared disasters can withdraw up to $22,000, and victims of domestic […]
Read More Penalty-free Early withdrawal? Yes, pleasePresident Trump is expected to try to overturn many of former President Biden’s policies, including tax regulations. Although the U.S. Treasury Department finalized and corrected several Inflation Reduction Act clean energy regulations before Biden left office, the regulations may be relatively easy to reverse. The Congressional Review Act allows Congress to reverse regulations if both […]
Read More Congressional Review Act can help overturn regulationsTest your Tax Knowledge – How much can you deduct for donating a vehicle to charity?
Read More How much can you deduct for donating a vehicle to charity?
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