By month: April 2022

Health Savings Accounts: The Ultimate Retirement Account

A Health Savings Account (HSA) can be the best retirement account of all because it offers triple tax benefits: (1) deductible contributions, (2) tax-free growth, and (3) tax-free withdrawals for medical expenses. No other tax-advantaged account gives you all three.

Tax Pros and Cons: Partnership with Multiple Partners

If you are going to operate a business with multiple owners, you need to consider the partnership in addition to considering the S and C corporations. The partnership generates both advantages and disadvantages. This article guides you through the many things you need to consider.

PDF Download: Tax-Smart Strategies to Pay for College

College is expensive. Luckily, tax law has provisions to help you cover the costs, including Coverdell, Section 529 savings, and Section 529 tuition plans. Of course, there’s more, including tax strategies that benefit both you and your child, as you will learn in this guide.

Avoid This Payroll Tax Nightmare

If you are involved in a financial sense with a taxpayer and that taxpayer has a payroll tax problem, be aware that the situation could become your problem, as it did for Mr. Kazmi in this instance.

It’s Tax Filing Season—Mail Correctly to Avoid IRS Trouble

If you need to file a document with the IRS by a specific deadline, don’t rely on regular U.S. mail. Instead, use certified or registered mail or an IRS-approved private delivery service. This way, your document will be deemed filed on the postmark date even if the IRS loses the document or claims that it never received the document.

Tax Issues When Your Vacation Home Is a Rental Property

Under the vacation home rules, your vacation home is classified as either a personal residence or a rental property. This article guides you through the rules that apply to the vacation home that’s classified as a rental property.

Grouping: Tax Strategy for Owners of Multiple Businesses

Revenue Procedure 2010-13 requires disclosure of the business and rental groups you form to avoid the disallowance of losses under the passive-loss rules. At first glance, you might say, “Oh, no, not more disclosures.” But further examination shows an audit-proofing aspect to this disclosure that is most appealing.

Deducting Mortgage Interest When Your Name Is Not on the Deed

What happens if you live in a house and make mortgage payments, but someone else owns the property? Can you still get a tax benefit? Absolutely! By proving that you have legal or equitable title to the property, you can deduct up to 100 percent of the mortgage interest you pay. For Sue Davis, this generated an extra $18,000 per year of deductions she did not know she could claim.


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