Tax

Under current tax law, many people pay no federal income tax on net long-term capital gains and qualified dividends earned in their taxable accounts. Here's an overview of the income levels that qualify for the 0% rate, along with tax-smart moves that could allow higher-income taxpayers to pass on wealth to younger generations, while capitalizing on this favorable tax rate.

A new final rule from the U.S. Department of Labor (DOL) is slated to expand the number of workers who are eligible for overtime pay under the federal Fair Labor Standards Act. It's scheduled to take effect on July 1, 2024, but it's likely to face legal challenges. Here are steps for employers to consider taking to remain in compliance.

1. Tax Credits to Help the Disabled and Your Business 2. Fighting Business Fraud 3. Score a Tax Credit for Historic Renovation 4. Seeking to Improve Compliance 5. New Controls to Thwart Fraud Schemes

1. Got a Letter from the IRS? 2. Summer Travel: Beware of the New Fees! 3. What to Do if Your Offer in Compromise is Rejected 4. Moving to a New Home? 5. Don't Overlook Paying Tax on Gig Economy Income

Small business owners may be able to hire their minor children this summer and get tax breaks and other nontax benefits. While eligible owners can save on payroll taxes and lower some costs, their kids also benefit. They gain on-the-job experience, develop practical skills and learn how to manage money. A sidebar notes that earned income can also help young workers get an early start on funding a retirement plan.

With age comes wisdom and potentially some valuable federal income tax breaks that aren't available to younger taxpayers. Specifically, people over age 50 might consider making deductible catch-up contributions to their retirement accounts. And they might itemize deductions, rather than claim the standard deduction, if their medical bills are over the income-based threshold. Here are the details.

Don’t leave manufacturing tax exemptions on the table. Learn how a reverse sales and use tax audit can uncover potential tax savings.

Business owners sometimes add a few extra days of leisure to their business trips, whether to relax by the beach or visit family members who live in different cities. With proper planning and documentation, you may be able to deduct some costs — such as transportation, lodging and meals — as legitimate business expenses. Here's a refresher on the tax rules for business vs. personal travel.

1. A report to help prevent and detect money laundering 2. Guidance for emergency savings accounts 3. New depreciation limits for certain business vehicles 4. Follow the tax rules to limit tax trouble 5. A credit to incentivize manufacturers

Fundraising is already in full swing for the November 2024 elections. Are you planning to donate to a favorite local or federal candidate? Before opening your wallet, it's important to understand the rules that apply to campaign contributions made by individuals and businesses.

As your small business grows, it will encounter many new challenges and opportunities. Here's how to tackle top concerns — such as financial and tax reporting, marketing, strategic decision making, working capital and risk management — to minimize growing pains during this critical stage of business development.

Two new federal rules regarding overtime pay and noncompete agreements have recently been adopted.