Here are some key points about renting personal property, which includes equipment, vehicles, and furniture. The tax treatment differs from real estate rentals, and how you classify the rental activity will

If you run your business as a regular C corporation, beware of the accumulated earnings tax (AET).  The IRS can use the AET to penalize C corporations that retain earnings

Consider this happy scenario: You purchased one Bitcoin for $15,000 14 months ago and another six months later for $40,000. Today, you sell one Bitcoin for $60,000. You’re a genius!

You may own an S corporation with a rental property as its sole asset. A common concern with this approach is what happens when the owner passes away, specifically regarding

Here are some important updates and strategies regarding Social Security and Medicare taxes that may significantly impact your business. For 2024, the Social Security tax ceiling increased to $168,600, resulting

Long-term care costs can be substantial, and neither Medicare nor Medicaid provide comprehensive coverage for most people. Long-term care insurance can help protect your finances, and there may be ways

Early withdrawals from a traditional IRA before age 59 1/2 generally incur a 10 percent penalty tax on the taxable portion of the withdrawal. There are several exceptions to this

As you consider the process of shutting down your S corporation, it is crucial to understand the federal income tax implications that come with it. Here, I outline the tax

You can plan your tax-deductible business life to avoid cold winters and hot summers. Spend a moment examining the following four short paragraphs containing the Andrews case’s basic facts.  For six months

A recent U.S. Supreme Court decision could significantly impact your buy-sell agreement if it involves life insurance to redeem shares upon your death. Impact on Estate Tax The Supreme Court’s