Newsletter

Probably one of the more difficult decisions you will have to make as a consumer is whether to buy or lease your auto. Knowing the advantages and disadvantages of buying vs. leasing a new car or truck before you get to the car dealership can ease the decision-making process and may alleviate unpleasant surprises later. Nearly one-third…

In today’s tight job market, small business owners are finding it increasingly difficult to keep good employees on board and content. A much-overlooked employee benefit – employee achievement awards – can allow you to reward your best employees with tax-free income. What is an employee achievement award? As an employer, you may give your employees…

As a new business owner, you probably expect to incur many expenses before you even open the doors. What you might not know is how these starting up costs are handled for tax purposes. A little knowledge about how these costs will affect your (or your business’) tax return can reduce any unexpected surprises when…

Q. The recent upturn in home values has left me with quite a bit of equity in my home. I would like to tap into this equity to pay off my credit cards and make some major home improvements. If I get a home equity loan, will the interest I pay be fully deductible on my…

An important IRS ruling shows how the use of trusts to hold personal assets can sometimes backfire if all tax factors are not considered. This ruling also drives home the fact that tax rules may change after assets have already been locked into a trust for a long period of time, making trusts sometimes inflexible…

For homeowners, the exclusion of all or a portion of the gain on the sale of their principal residence is an important tax break. The maximum amount of gain from the sale or exchange of a principal residence that may be excluded from income is generally $250,000 ($500,000 for joint filers). Unfortunately, the $500,000/$250,000 exclusion…

Business travel expenses are not created equal – some special rules apply to certain types of expenditures. Before you pack your bags for your next business trip, make sure that you have planned ahead to optimize your business travel deductions. The basic rule for the deductibility of business travel is relatively simple–travel expenses incurred while…

ISOs give employees a “piece of the action” while allowing employers to attract workers at relatively inexpensive costs. However, before you accept that job offer, there are some intricate rules regarding the taxation of ISOs that you should understand. How are ISOs taxed? An incentive stock option is an option granted to you as an…

All members of the G20 on October 30 endorsed a global corporate minimum tax rate of 15 percent in an effort to eliminate countries slashing corporate tax rates and creating tax shelters to attract large multinational corporations. The agreement comes on the heels of an international agreement in October among 136 of the 140 Organization…

If you die without a will…   1. The court will appoint an administrator, for a fee. The administrator will distribute your money and your belongings according to state law. You don’t want this to happen because a court-appointed administrator won’t know your personal interests and keep your needs in mind. With a will, you…