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July 12, 2023
When can Seniors Deduct Medicare Premiums on their Tax Returns?

If you’re over the age of 65 and you have basic Medicare insurance, you might be required to pay additional premiums to get the level of coverage you need. These premiums can be expensive, especially for married couples with both spouses paying them. With that said, you might have one advantage: You may qualify for […]

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July 11, 2023
Prepare for an Uncertain Federal Gift and Estate Tax Exemption Amount with a SLAT

For 2023, the federal gift and estate tax exemption amount is set at $12.92 million (or $25.84 million for married couples). However, in the absence of action from Congress, on January 1, 2026, it’s scheduled to decrease to a mere $5 million ($10 million for married couples).  According to current estimates, those numbers are expected […]

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July 9, 2023
Ease the Burden of Being a Member of the Sandwich Generation with these Action Steps

Are you raising children and supporting aging parents at the same time? If so, you can count yourself among those in the “Sandwich Generation,” a cohort “squeezed” by the demands of caring for children and older adults.  While providing for your parents later in life may be gratifying, it can also be time-consuming. Deciding how […]

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July 6, 2023
Is QuickBooks Right for your Nonprofit?

Nonprofit organizations are created to serve nonfinancial or philanthropic goals rather than to make money or build value for investors. But they still need to keep track of their financial health, paying attention to factors like: Many nonprofits use QuickBooks® for reporting their results to stakeholders and handling their finances more efficiently. Here’s an overview […]

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July 3, 2023
What are the Advantages and Disadvantages of Claiming Big First-Year Real Estate Depreciation Deductions?

Certain businesses may be allowed to claim large first-year depreciation tax deductions for eligible real estate costs instead of depreciating them over several years. Is this the right choice for your business? You may assume so, but the answer is not as simple as it seems. Qualified improvement property For eligible assets placed into service […]

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June 29, 2023
Handle with Care: Including a Family Vacation Home in your Estate Plan

The fate of a family home can be an emotionally charged estate planning issue for many people, and emotions often run high when dealing with assets like vacation homes that can have a special place in one’s heart. With that in mind, it’s essential to address your estate planning carefully when deciding what to do […]

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June 28, 2023
The IRS has Just Announced 2024 Amounts for Health Savings Accounts

Recently. the IRS released updated guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust established or organized exclusively for the purpose of covering the “qualified medical expenses” of an “account beneficiary.”  An HSA can only be established for the advantage of an “eligible individual” who is […]

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June 20, 2023
How to reduce the impact of the 3.8% net investment income tax

For high-income taxpayers, there’s already a regular tax rate of 35% or 37%. In addition to this, they might be required to pay a 3.8% net investment income tax (NIIT) on top of regular income tax. Luckily, there are a few ways you may be able to reduce the impact of the NIIT. Who are […]

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June 19, 2023
Traveling for business this summer? Here’s what you can deduct

If you and your employees are hitting the road for work-related travel this summer, there are several considerations to keep in mind. To claim deductions under tax law, you must meet specific requirements for out-of-town business travel within the United States. These rules apply if the business you’re conducting reasonably requires an overnight stay. Note […]

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