The tax-home rule is something you’ll run across a lot as a company taxpayer. We assume it’s a rule you haven’t thought about very much, or maybe a direction you aren’t familiar with. That is a rule you will never have to break. That being said, it’s a rule you should be aware of. Tax […]
Getting to Know the Tax-Home Rule Read More »
Some withdrawals from a Roth IRA are taxed, despite popular belief. A 10 percent early withdrawal penalty tax can be applied even if there is no income tax due. This is the worst-case scenario. Take a look at the information below to learn more about tax-free Roth IRA withdrawals. To begin, let’s look at the
How Do Roth IRA Withdrawals Affect Your Tax Situation? Read More »
Do you have a 401(k), an ESOP, a profit-sharing plan, or any qualifying employer-sponsored retirement plan where you own stock in your company? If not, This means that you should start planning for when you retire or leave your current job and have to deal with your stock. Your choice could have significant ramifications for
Do You Own Stock in a Company? Here’s Some Tax Strategy For You! Read More »
The federal government is urging all American employees and their families to be vaccinated against the highly infectious COVID-19 delta form, wreaking havoc across the country. If you have workers, you are most likely experiencing the same feelings. Indeed, as the FDA grants final clearance to the different COVID-19 vaccines, an increasing number of employers
Claims for Employee and Self-Assistance Tax Credits: Vaccination Read More »
Here’s an example of a trade-in and the rules associated with it. A three-year-old vehicle was traded in on a new SUV with a gross vehicle weight rating (GVWR) of 6,075 pounds. The dealer granted a trade-in value of $13,000 and paid off the $16,000 remaining note on the old vehicle. Under the tax law,
Business Vehicle Trade-Ins? Rules have changed over the years… Read More »
Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. We will call LLCs
All about Limited Liability Companies (LLC’s) Read More »
What the CARES Act Says A coronavirus-related distribution from your qualified retirement plan, Section 403(b) plan, or IRA gets two tax benefits: If you withdraw and keep the money, you pay no 10 percent early withdrawal penalty and you can spread the income equally over tax years 2020, 2021, and 2022. You also can elect
Do You Qualify for the $100,000 IRS Grab and Repay? Read More »
There are millions of individuals who do not file a tax return each year, many of them simply because their income is below the filing threshold levels for the year based upon their filing status. Still others simply procrastinate and risk forfeiting their rightful refunds, including earned income tax credits, child tax credits, tuition credits
Haven’t Filed Past Returns? IRS May File One for You and It Won’t Be Pretty Read More »
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