The Section 199A Deduction Section 199A of the Internal Revenue Code provides many owners of sole proprietorships, partnerships, S corporations and LLCs, as well as some trusts and estates, a deduction of up to 20% of income from a...
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All About Schedule D: Capital Gains Schedule D is the IRS tax form that reports your realized gains and losses from capital assets — investments and other business interests. You detail the total purchase price of assets, what they...
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Preparing for the 2024 Tax Season
Preparing for the 2024 Tax Season There are many tax uncertainties to consider as we face the end of 2024. Chief among them is whether proposals from the presidential candidates will affect our taxes; new legislation may be enacted...
Important Tax Tips for 2024 The U.S. tax code is complicated and often hard to understand, with many provisions, credits and disallowances. Let’s review a few credits that many people are interested in, as well as how to respond...
Common Living Trust Problems Most living trusts (also known as revocable or grantor trusts) have two administrative phases. In the first phase, you administer the trust. In the second phase, after your death, the named trustee takes over its...
The Latest on Digital Asset Reporting Digital assets are a form of value, like cash, but they exist only in digital form and are protected by strong cryptography. These assets often operate on a blockchain, distributed ledger or any...
Payroll Accounting: The Basics Payroll is an integral part of every business. The payroll accounting process involves paying wages, calculating hours, applying benefits, deducting taxes and collecting garnishments, all while staying in compliance with federal rules, state laws and...
Check Your Withholding Are you having the right amount of tax withheld from your paycheck? The IRS’sTax Withholding Estimatorhelps you calculate federal tax withholding, which affects your take-home pay as well as your tax refund or tax due. To...
Who Needs a Trust — and When A will is an important way to distribute your assets, financial and otherwise. One major limitation of a will is that you have to die before it can become effective; in other...
Intro to Business Deductions To be deductible, a business expense must be both ordinary — common and accepted in your industry — and necessary, helpful and appropriate for your trade or business. Generally, you cannot deduct personal, living or...