The Tax Implications of Employer-provided Life Insurance
Employer-provided group term life insurance can be a nice employee benefit. But depending on the amount of coverage, it may cause an unwanted tax result. Here’s why.
Are Scholarships Tax-free or Taxable?
Scholarships are generally tax-free but there are times when academic awards result in taxable income.
Take Advantage of a “Stepped-up Basis” When You Inherit Property
If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the fair market value basis rules (also known as the “step-up and step-down” rules). That way, you won’t pay more tax than you’re legally required to.
Businesses: Get ready for the new Form 1099-NEC
A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.
After You File: 3 Issues to Considers
Once your 2019 tax return has been filed, there still may be some issues to consider. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.
Some People are Required to Return EIPs
Millions of people have already received their Economic Impact Payments, which are being sent by the government to help mitigate the effects of COVID-19. In some cases, the payments should be returned.
What Qualifies as a “Coronavirus-Related Distribution” from a Retirement Plan?
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a...
Good Records are the Key to Tax Deductions and Trouble-free IRS Audits
A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
Seniors: Can You Deduct Medicare Premiums?
If you have medical expenses and you pay Medicare premiums, you know it can be expensive to get the coverage you want. But if you qualify, you can deduct the cost of premiums, along with other medical expenses, on your tax return. Here are the rules.
A Non-working Spouse Can Still Have an IRA
If you’re married and you don’t work outside the home, you still may be able to contribute to an IRA. Here are the rules for spousal IRAs.