By month: February 2020

Eight Answers to Questions About the SECURE Act

The SECURE Act changed many tax law provisions related to retirement and savings. We wrote about the new law last month and have since received many questions. In this article, we give you the answers to eight questions.

Don’t Waste Donations on Your Church or Charity; Use Your Business

Giving to your church, school, or other 501(c)(3) charity is a noble act no matter how you choose to give. But for the purposes of tax savings, some forms of giving are much more beneficial to you than others. As a business owner, you can use some business strategies to get the money to these institutions as business expenses. While this does not change anything from the institution’s perspective, it hugely increases your tax savings.

Know This About Employer-Issued Incentive Stock Options (ISOs)

With incentive stock options (ISOs), you could be on your way to a very nice payout. But you must consider both the regular federal income tax results and the alternative minimum tax results. In addition, you must pay attention to special rules that apply to so-called disqualifying dispositions of shares acquired by exercising ISOs. This sounds complicated, and it is a little, but we help you find clarity in this article.

Does the Per Diem Expense Option Stick It to Business Owners?

If you’re a business owner, should you take advantage of per diems when you travel? The short answer is yes and no—and perhaps surprisingly, keeping track of your actual expenses is often a better plan anyway. Here’s why.

Avoid the Gift Tax—Use the Tuition and Medical Strategy

Lawmakers have given you an easy strategy to avoid paying gift and estate taxes. The strategy involves tuition and medical expenses that, likely, are common issues for your loved ones. Sadly, this tax avoidance technique is often unknown or overlooked—but not for those who have this article.

Know This About Employer-Issued Non-Qualified Stock Options

You or your spouse may have the opportunity to obtain non-qualified stock options. Or you may have your corporation issue non-qualified stock options to its employees. In all cases, you will want to know both how these options work and what happened to Sheedy.

Per Diems Post-Tax Reform: What the TCJA Has and Hasn’t Changed

If you have employees who travel for your business, would the IRS travel per diem method simplify your record keeping and reduce your risk of audit disallowance?


[ View / Print full text of all articles in this issue ]