There are a few standard ways to save for retirement, such as Traditional and Roth IRAs, but you should also be considering secret option number three. Make deductible contributions, get tax-free growth, and take tax-free distributions, all with no age requirement to take out the funds.
In December’s newsletter, read about recent tax court cases that have great tax messages, five great money tips, and more.
Read about the American Rescue Plan Act of 2021 and its updates to the the Child and Dependent Care Credit in our latest blog post.
Wagner, Ferber, Fine and Ackerman has announced today that Jason Ackerman has been admitted to the firm’s partnership.
2020 is coming quick — are you prepared? Take stock now and learn about the year-end moves that’ll help you save. Plus, consider how the 2020 Social Security changes will affect your plans.
Our July newsletter covers effective tax planning, summer road trip tips, IRS audits, setting salaries and basic customer retention.
Taxpayers that own rental property with gross receipts from residential or nonresidential uses should be familiar with the rules on accounting for depreciation. Let’s see some rules about buildings or structures qualifying as residential or nonresidential property, and application of the change-in-use regulations if a rental property changes from residential use to nonresidential use or vice versa.
A technical glitch in the TCJA prevented taxpayers from taking bonus depreciation on Qualified Improvement Property. Now Congress is out to get this fixed.
The TCJA impacted depreciation in many ways, including 100% bonus, increased Section 179 Expense limits and broader usage, and redefined QIP.
Could the IRS view your side hustle as a hobby instead of a business? If they do, you could be in for a rough surprise come tax time. Know what it takes to ensure your business doesn’t fall prey to the brutal Hobby Loss rules.