A first step in avoiding costly hassles with the IRS is identifying potential red flags before filing your business tax return. For example, a common source of audit conflict between the IRS and small businesses is the documentation of travel expenses. The IRS often has the edge in these disputes
Receiving a gift or a bequest or other inheritance can be unexpected. These types of events, do, however, carry a unique set of federal income, gift, and estate tax rules that must be observed and apply to everyone, not just high-income individuals. Knowing the ruleswill help you prepare for any
Tax breaks to help you pay educational expenses are some of the most commonly overlooked federal tax breaks. They shouldn’t be. These are very valuable tax breaks, and that can help you maximize your tax savings. Getting the most from the education tax incentives requires careful planning, particularly because of
Aging is often associated with social security and fixed incomes. However, as people live longer, the incidence of dementia or other mental disability becomes more of an estate planning problem. Often, the elderly have the foresight to appoint an attorney in fact under a power of attorney (POA) to act
Social Security income used to be tax-free to all, but that’s no longer the case. Depending on your other income, you could wind up paying tax on up to 85% of your Social Security benefits, at a time when you need steady income the most. However, your qualified tax professional