Medicare health insurance premiums can be a significant expense—especially for high-income earners and married couples paying separately for coverage. Here’s what you need to know about how taxes factor in. Medicare Part B: what it covers and who pays Medicare Part B, often called Medicare medical insurance, helps cover doctors’ visits and outpatient services. Most…

If you own a growing, unincorporated small business, high self-employment (SE) tax bills might already be on your radar. The SE tax covers your contributions to Social Security and Medicare as a self-employed individual. SE tax basics The 15.3% SE tax rate applies to the first $168,600 of your 2024 net self-employment income. This rate…

The clock is ticking on the federal gift and estate tax exemption ($13.61 million for 2024). Unless Congress steps in, the amount will drop to an inflation-adjusted $5 million in 2026. Now’s the time to make impactful gifts to loved ones and shrink your taxable estate before the window closes. Certain hard-to-value gifts, like interests…

Patents, trademarks, copyrights and goodwill, are vital intangible assets in modern businesses. While their tax treatment can be complex, businesses need to have an understanding of the issues involved. Here are answers to some common questions about these assets. What are intangible assets? The term “intangibles” covers a wide range of items and determining whether…

Choosing the right business structure is a pivotal decision, and a C corporation is one option that comes with its own set of advantages and disadvantages. This structure can have a notable impact on how your business operates and its financial health. Let’s break down the key benefits and drawbacks of operating as a C…