It’s no secret that getting married can affect your taxes, but just how much of an effect will depend on your circumstances. In the first of this two-part series we explore some of the practical steps to take leading up to the wedding.
If your children work at your business, they’re entitled to be paid and the business is entitled to a deduction just like you would for anyone else, but what if you try to pay them a bonus?
The IRS has issued proposed regulations that can have significant effects on the valuation of closely-held business interests for gift and estate tax purposes. Here’s what you need to know in order to act before the rules change…
NOLs have been in the news lately, so it seemed like a good time for an overview. What is an NOL? What is a carryover? How do they work?
The IRS recently announced the upcoming use of private agencies for debt collections. Here’s what you, the taxpayer, need to know…
The New York Department of Taxation and Finance issued a reminder regarding a sales tax exemption available to software and web devs/designers on the purchase of computer hardware, provided that it is used more than 50% of the time for either designing/developing software for sale, providing web design/development consulting services, or some combination of both.
The PATH Act added a new class of nonresidential real property, qualified improvement property, which is now eligible for bonus depreciation irrespective of its recovery period. That means that, unlike before, bonus depreciation can now be taken on certain real property improvements with recovery periods of 39 years.
…Depends on what? Among other things, on how long you’ve owned your home and whether it’s your principal residence. Generally, if you profit from the sale of property you have to pay capital gains tax on that profit. However, tax … Continued
The IRS has announced its acquiescence with regards to the mortgage interest deduction. The Ninth Circuit Court of Appeals, reversing the Tax Court, found that when multiple unmarried taxpayers co-own a qualifying residence, the debt limit provisions apply per taxpayer and not per residence.
What are marginal tax rates and how do they affect my take-home pay?
