With hurricane season in the East and South, wildfire season in the West, and severe weather season in the middle of the county, now is a good time to create or review emergency preparedness plans for surviving natural disasters. Here are three steps taxpayers can take to safeguard their tax records before disaster strikes and minimize negative tax consequences should a disaster occur:
Tax Strategies for High-Net-Worth Individuals
High-net-worth individuals require astute and tailored financial strategies. In this video, we demystify tax planning by examining the tax considerations that come into play for those with substantial assets. From understanding your investment portfolio to exploring uncharted tax-saving territories like …
How to Verify Your Identity When Calling the IRS
Sometimes, taxpayers must call the IRS about a tax matter. As part of the IRS’s ongoing efforts to keep taxpayer data secure from identity thieves, IRS phone assistors take great care to discuss personal information with the taxpayer or someone the taxpayer has authorized to speak on their behalf. Therefore, the IRS will ask taxpayers and their representatives to verify their identity when they call.
Tips for Taxpayers With Hobby Income
Hobby activities are a source of income for many taxpayers. As a reminder, this income must be reported on tax returns. But the reporting rules are different than for income from a for-profit business. For one thing, hobbyists can’t deduct their hobby expenses.
Is Your College Student’s Scholarship Taxable?
May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child’s scholarships are taxable, here is what you should know.
Filing a Final Tax Return for a Decedent
When someone dies, their surviving spouse or representative must file a final tax return for the deceased person. Usually, the representative is named in the person’s will or appointed by a court. Sometimes when there isn’t a surviving spouse or appointed representative, a personal representative will file the final return.
Kids’ Day Camp Expenses May Qualify for a Tax Credit
Day camps are common during school vacations and the summer months. And their cost may count towards the child and dependent care credit.
Here are five things parents should know:
Small Business Financing: Securing a Small Business Loan
At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach it properly can mean the difference between getting a loan for expansion or scrambling to find cash from other sources.
What to Know About the Adoption Tax Credit
If you adopt a child in 2023, you may qualify for a tax credit for related expenses. If your employer helped pay for the costs of an adoption, you may be able to exclude that income from tax. In 2023, the maximum adoption tax credit and exclusion on a combined basis is $15,950 per child.
C Corporation Advantages and Disadvantages
What Are Some Advantages and Disadvantages of a C Corporation? C Corporations can provide significant advantages, particularly if your goal is to grow the company and eventually attract outside investors. C Corporations hold substantial benefits for investors who maintain their …