How to Avoid the Early Withdrawal Tax Penalty on IRA Distributions
When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how […]
3 Tax Breaks for Small Businesses
Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples.
How to Treat Business Website Costs for Tax Purposes
These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted.
Does the Kiddie Tax Affect Your Family?
Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of […]
The Auto Industry is Likely to Decline in Enterprise Value
Excerpt of an article posted to the ARK Invest website on 7/15/22
Important Considerations When Engaging in a Like-Kind Exchange
A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than […]
Tax Obligations if Your Business Closes its Doors
Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can […]
President Biden Signs the Inflation Reduction Act of 2022
On 8/16/22, President Biden signed into law the so-called Inflation Reduction Act of 2022 (H.R. 5376). In a statement earlier, the White House said,
