On January 31, 2024, the U.S. House of Representatives passed the Tax Relief for American Families and Workers Act of 2024, introducing significant tax changes that are poised to benefit business owners and real estate
The new QBI deduction, created by the 2017 tax reform law, allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up to 20 percent of their qualified business income. Eligible
You may have heard of a living trust that’s created while you are still alive. It can be set up as a revocable trust, permitting you to change the terms of the trust or to
When it comes to tax-related identity theft, there are two victims — the taxpayer, who may not receive the refund he or she earned, and the IRS, which may be the first to detect the
The Tax Cuts and Jobs Act affected a variety of calculations, and the tax liability differences between married and single taxpayers is a complex story. As the Tax Foundation notes: “One unintended feature of the
By incorporating corporate social responsibility (CSR) into your company’s business model, you’re showing your consumers, employees and stakeholders that you act responsibly for the greater good. CSR can affect your business positively or negatively, however,
Internal Revenue Service authorizes the use of a cost segregation study for reclassifying portions of a commercial building from real property to personal property and, in the process, allowing assets to be depreciated on a
There are myths and misconceptions about estate planning. Here are the top common mistakes to avoid and help your family save thousands of dollars in unnecessary taxes and probate fees: 1.Beneficiary omissions — Not naming
Numerous tax experts agree that addressing your tax liability effectively requires planning throughout the year. Those business owners who reap the most benefits consider their taxes year-round, rather than waiting to focus on tax payments
Has your property tax bill increased significantly? Do you think you may have grounds for an appeal, particularly if the increase seems out of line with overall appreciation in your area? Property tax rules and
