Tax

When reviewing a company’s financial statements, you may wonder: What are deferred taxes and how does the company quantify them? Wonder no more.

1. Tax Help for College Expenses 2. Overlooked Deductions and other Tax Errors 3. Check a Charity's Status Before Donating 4. Taxability of Disability Income 5. Health Savings Accounts for 2024

You should always operate your business as if it's up for sale, because you never know when you'll receive an offer that's too good to refuse. Plus, sales of some business interests may not be planned. Part of operating in a sale-ready state is knowing the current value of your company. Here's an overview of the fundamentals of valuing a private business, including key value drivers.

Many people are surprised to learn that more than half of Social Security recipients owe taxes on some of their benefits. The percentage of your benefits that could be taxable varies depending on your income level. Here's an overview of how "combined income" is calculated and possible strategies to help reduce it and, in turn, your overall tax obligation.

The future of Social Security is in peril. Here’s a look at the current situation and potential solutions.

1. What to Do if You Missed the Tax Day Deadline 2. Deducting Casualty Losses 3. Social Security Wage Base Rises 4. When the IRS Wants to Talk to You 5. The IRS Plan for Spending Audit Money

Will the electric vehicle you have your eye on qualify for the Clean Vehicle Credit?

Are you planning to relocate or downsize your home? The residential real estate market has cooled off in many parts of the country. So, it could make sense to hold off on selling your home. Instead, you might consider converting the property into an income-producing rental. Here are some important tax issues that factor into making such a decision.

The mountain of paper and electronic records that's needed to support your tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long do you need to save these records? Three years is the general rule. But don't be hasty: Failure to keep a paper trail for the information provided on your returns could lead to problems if you're audited.

1. Businesses Targeted for Identity Theft 2. Deduct the Cost of Seeking New Business 3. Business vs. Hobby: Protect Your Tax Deductions 4. A Scam Involving Employee Retention Credits 5. A Proposed New Way to Report Tips

The federal tax rules for business-related meal and entertainment costs are confusing. In general, deductions for entertainment expenses have been permanently disallowed under current law, but there are several exceptions. In addition, the temporary deduction for 100% of business meals expired at the end of 2022. Read on to find out how much can be deducted under applicable rules.

The IRS recently issued a statement advising certain taxpayers to hold off on filing their 2022 returns. This issue has been resolved, and the IRS wants tax filing season to resume as normal. But some people are wondering whether they should file for an automatic six-month extension. There are many valid reasons to extend your deadline, but there are also some pitfalls.