To 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.
Read MoreThey can take qualified charitable distributions from their IRAs and effectively reduce their income in a maneuver solidly supported by the tax code.
Read MoreFirst, a corporate income tax applies to the company’s profits. Second, any dividends that pass to you and other shareholders will be subject to personal income taxes.
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