You can protect yourself against the financial consequences of chronic illness or disability by purchasing long-term care insurance. The premiums for this insurance are not cheap, but tax law may let you write off some or all of the cost, thus subsidizing your purchase.

Rising federal employment taxes, including Social Security and Medicare, are a growing burden for employees, employers, and self-employed individuals. To mitigate these costs, consider operating as an S corporation or utilizing community property state rules for husband-wife businesses. Strategic tax planning can significantly reduce the impact of these increasing taxes.

Leasing out your aircraft can offer financial benefits, but it also brings tax challenges. Leasing brings into play the ugly hobby loss rule that can destroy all your deductions and also tax you on the gross income. This article explains how to navigate these rules and overcome common tax hurdles associated with aircraft leasing.

Are you considering owning an aircraft through your S corporation? Beware of tax pitfalls that could limit your savings. This article explores basis limitations, depreciation recapture, and cost-sharing issues, offering strategic tips to navigate these challenges and maximize your tax benefits.

What happens when you have a rental property inside an S corporation and you die? First, you have the step-up in basis question. Second, you have the value of the S corporation for your heirs. There’s good news here. Check it out.

At a time of surging cryptocurrency prices, many crypto owners are enjoying substantial gains. Where multiple crypto units are sold in the same year, taxable gains can be reduced by using a crypto accounting method that provides the highest possible tax basis for each unit that is sold. This ordinarily requires that crypto owners use a method other than the default method: first in, first out (FIFO).

The IRS can impose a 20 percent accumulated earnings tax on C corporations that retain too much in earnings to avoid issuing taxable dividends to shareholders. Corporations can avoid this penalty tax by retaining no more than the accumulated earnings tax credit, electing S corporation status, or retaining no more than necessary for reasonable business needs. Proper documentation is key to avoiding the tax.

Want to convert your C corporation to an S corporation? You need a plan. No plan equals BIG (built-in gains) tax: 21 percent. Worse, you’ll continue to pay at your regular tax rates on the remaining 79 percent that flows from your S corporation to you. Make a plan to avoid as much of this torturous double taxation as possible, with the four strategies in this article.