December 31 is the final day to complete Roth IRA conversions for the current tax year. This deadline is crucial because the amount...

The following is a recommended list of items for setting up your new business. Decide on a business name Choose your business name and...

The tax benefit of operating as a S-Corp come into play when business profits exceed a reasonable salary for the owner. Business owners...

Using the Foreign Earned Income Exclusion, taxpayers can exclude up to a set amount each year from taxable income when working outside...

For individuals rental income and expenses are included on your personal tax return on Schedule E. All rental income is included, reduced...

There are a few different scenarios for issuing 1099s to contractors: Foreign contractors working outside the US - a 1099 does not need...

A 1031 exchange allow an investor to defer the payment of federal income taxes typically incurred by selling an investment property, as...

Possible deductions include: HEALTH INSURANCE - conditional, based on whether a self-employed individual is qualified to join their...

Highlights of the Employee Retention Tax Credit

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 into law. Some highlights... Recovery Rebates $1,400 per...

Details subject to change. Individuals 2019 Tax Deadline 15 July 2020 Stimulus Payments $1,200 for single, $2,400 for married (for...

Tax deferred retirement accounts, such as a traditional IRA account or a 401k plan, require distributions to be taken in the year in...

On Friday, January 18th, the IRS released Notice 2019-07 which established a safe harbor under which a rental real estate enterprise...

In the past, parents often used tax-favored Section 529 plans to build up funds for the college education of their children. The new tax...

There may be times when it is necessary to pull funds out of your retirement accounts. Most retirement plan distributions are subject to...