By month: March 2023

Helicopter View of 2023 Meals and Entertainment

As with much of life today, tax rules keep changing. Accordingly, in this article, we have a new helicopter view of meals and entertainment for 2023.

Download This PDF with the Common Foreign Reporting Forms

If you engage in any interactions with foreign entities or conduct foreign transactions, it is highly probable that you will be required to file tax and other forms. Failure to do so can result in severe penalties. To obtain a comprehensive understanding of the necessary forms, download the Common Foreign Reporting Forms PDF.

Avoid This Family Member S Corporation Health Insurance Mistake

If you own more than 2 percent of an S corporation, you have to follow special rules to deduct your health insurance premiums. These demanding health insurance rules can also apply to family members who work in the business and don’t own a single share of stock. Don’t let these rules be a surprise and cost your family money.

Retirement Account Early Withdrawal Penalties: Avoid Them

Money in IRAs and other retirement accounts is not supposed to be withdrawn until you reach age 59 1/2. Early withdrawals are subject to a 10 percent penalty tax in addition to regular income tax in the case of tax-deferred accounts. But if you need to get your hands on your retirement money sooner, there are several ways to do so without incurring the penalty.

SECURE 2.0 Adds New Escapes from the 10% Early Withdrawal Penalty

The SECURE Act 2.0 adds several new exceptions to the 10 percent penalty on withdrawals from retirement accounts before age 59 1/2. These include emergencies, terminal illness, domestic abuse, and disasters.

Minimize (or Eliminate) Taxes When Selling Your Rental Property

Selling your rental property can result in a substantial tax bill. To assist you with this situation, we have developed a guide that presents a variety of tax strategies that can be employed to minimize, and in certain circumstances eliminate, these taxes. You can download this guide and explore the various strategies it contains.

Holding Real Property in a Corporation: Good or Bad Idea?

Typically, it is not advisable for a corporation to possess real estate. The most favorable entities for real property ownership are the single-member LLC, the husband-and-wife LLC, and the grantor trust. But there is one exception to this rule, as we explain in this article.

Are You a Regular Investor or a Tax-Favored Securities Trader?

If your securities trading activity can rise to that of a tax-favored trader, you can benefit in multiple ways as discussed in this article. For example, with the mark-to-market election, you can deduct your tax losses without running into the $3,000 ceiling.

It’s Tax Filing Season Again—Avoid the Post Office

If you have to paper file a document with the IRS, what happens if that document never reaches the intended recipient? You have, as they say on the farm, stepped in it. Here’s how to make sure you don’t suffer that fate.


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