Income Tax January 15, 2024
The Tax Blotter – Jan. 2024
The Tax Blotter is a round-up of brief news items relating to tax preparation, policy and legislation.
Taxes January 12, 2024
Estate Planning: The Basics of a Special Needs Trust
A special needs trust is an irrevocable trust that supplements public assistance benefits available to a disabled child. Assets and income can be used to pay for items like travel, education, recreation, rehabilitation and medical expenses that aren’t covered by public assistance.
Taxes January 2, 2024
There’s Still Time to Claim Unpaid Economic Stimulus Payments
Not everyone who was entitled to an EIP was able to collect the full amount they were owed. Either they didn’t receive the correct amount or they didn’t get a payment at all.
Tax Planning December 29, 2023
Should You Elect to Forgo Preferential Tax Treatment on Capital Gains and Dividends?
Depending on your situation, you might elect to forgo preferential tax treatment on certain long-term capital gains and qualified dividends in favor of deducting investment interest expenses.
Taxes December 28, 2023
How to Get the Most Tax Benefits from a Roth IRA
Under the “ordering rules” established under IRS regulations, most of the payout of a nonqualified Roth distribution may be tax-free anyway—maybe even all of it.
Taxes December 27, 2023
Gift Tax Exclusion Increases for 2024: How to Get the Most Benefit
The annual gift tax exclusion allows you to gift up to a specified amount to each recipient each year without any gift tax liability.
Taxes December 21, 2023
A PIG in a Poke – How to Use a Passive Income Generator Strategy
Instead of deals designed to generate losses in the formative years of a limited partnership, a PIG is set up to start churning out income right away.
Taxes December 20, 2023
The Tax Benefits of ‘Bunching Up’ Year-End Charitable Deductions
The tax law allows you to deduct contributions made to qualified charitable organizations, within generous limits, but only if you itemize deductions.
Taxes November 3, 2023
Passive Activity Investments Can be a PIG Deal
This technique can be especially beneficial at the end of the year when you may be looking to offset highly-taxed income.
Taxes November 2, 2023
How to Achieve a 0 Percent Capital Gains Tax Rate
Your gains and losses are short-term or long-term. Short-term loses reflect sales of assets held a year or less. Long-term gains are for sales of assets held longer than a year.
Payroll November 2, 2023
Strategies for Retirement Withdrawals (RMDs)
Of course, every situation different, but the conventional wisdom is to withdraw from taxable accounts first, tax-deferred accounts second and tax-free accounts third.
Taxes November 2, 2023
The Employer and Employee Tax Benefits of Group Term Life Insurance
Because employees are insured as a group, the overall cost is less expensive than it would be for individual policies.
Contributors
Amy Vetter
CPA, CITP, CGMA
Becky Livingston
Accounting & AI Marketing Consultant
Brian Tankersley
CPA, CITP, CGMA
Garrett Wagner
CPA, CITP, CEO and Founder of C3 Evolution Group
Jim Boomer
CPA, CITP, CEO
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Kristy Short, Ed.D.
Accounting Content Specialist
Mary Girsch-Bock
Contributing Writer
Randy Johnston
MCS, MCP
Roman Kepczyk
CPA, CITP, CGMA
