State Tax Changes Taking Effect July 1, 2024
State Tax Changes Taking Effect July 1, 2024 https://bit.ly/3zhsujh
Read More State Tax Changes Taking Effect July 1, 2024State Tax Changes Taking Effect July 1, 2024 https://bit.ly/3zhsujh
Read More State Tax Changes Taking Effect July 1, 2024Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could be a solution with a tax-saving bonus. It involves taking out a reverse mortgage. Reverse mortgage basics With a reverse mortgage, the borrower doesn’t make payments to the lender to pay […]
Read More House rich but cash poor? Consider a reverse mortgage strategyThe IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). These amounts are adjusted each year, based on inflation, and the adjustments are announced earlier in the year than other inflation-adjusted amounts, which allows employers to get ready for the next year. Fundamentals of HSAs An HSA is a trust […]
Read More Inflation enhances the 2025 amounts for Health Savings AccountsLocal Income vs. Sales Taxes: Which Is the Better Source of Local Revenue? https://bit.ly/3KSNuiz
Read More Local Income vs. Sales Taxes: Which Is the Better Source of Local Revenue?Beer Taxes: How Does Your State Compare? https://bit.ly/3RrZ48g
Read More Beer Taxes: How Does Your State Compare?There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: 1. Medical expenses. If the individual qualifies […]
Read More You may be entitled to tax breaks if caring for an elderly relativeChoosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations. In some cases, a business may decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in […]
Read More Should you convert your business from a C to an S corporation?Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated land that you want to subdivide into lots, develop them and sell them off for a big profit. Either way, you’ll incur a tax bill. For purposes of […]
Read More A three-step strategy to save tax when selling appreciated vacant landAfter experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: Buy the assets of the business, or Buy the seller’s entity ownership interest if the target […]
Read More Tax tips when buying the assets of a businessIf you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. How can you protect your deduction? First, be aware that in […]
Read More When do valuable gifts to charity require an appraisal?