Despite the prevalence of Web-based meetings, many of today’s businesses still have plenty of employees who travel. If you still have sales staff or other workers out on the road, and you’re reimbursing them on a tax-free basis for their travel expenses, it’s important for you as the employer to stay up to date on the rules that determine the location of a person’s tax home.
Read MoreOwnership of your assets plays an important role in whether they can be seized by creditors. Thus, it might be wise in some situations to transfer ownership of certain assets to your spouse.
Read MoreTo qualify for a bad debt deduction, the underlying debt must be bona fide. That is, you must have loaned the money or extended credit with the expectation that you would be repaid and with the intent to enforce collection if you weren’t repaid.
Read MoreIt’s common for owners of closely held businesses to transfer money into and out of the company. But it’s critical to make such transfers properly. If you don’t, you might hear from the IRS.
Read MorePaying spouses will argue that, without the benefit of the alimony deduction, they can’t afford to pay as much as under previous rules.
Read MoreThis article provides both general and business-specific tax document retention guidelines.
Read MoreWhen the TCJA was passed, the big estate planning news was that the federal gift and estate tax exclusion doubled from $5 million to $10 million.
Read MoreThe Tax Cuts and Jobs Act has given business owners much to think about, including whether to change the structure under which their companies operate.
Read MoreGenerally, profits from selling assets such as securities and real estate held in taxable accounts are classed as long-term if the holding period was longer than one year.
Read MoreYour principal residence is probably a valuable asset, so you should be confident your homeowner’s insurance can protect you against multiple perils.
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