Tax Tips

Published: January 10 2012

How the IRS and Tax Court Assess S Corporation Officer/Shareholder/Owner Compensation S corps are pass-through entities, whereby the IRS does not tax income at the corporate...

Published: December 16 2011

As I illustrate below, taxpayers can transfer substantial amounts free of gift taxes to their children or other donees through the proper use of this...

There are many tax-saving steps that can be taken before the end of this year. Here is a list of the most important actions that...

So you work at home, and communicate with your employer mainly by telephone, e-mail, fax, electronic data transfer, express mail services, etc., you should know...

The question of whether a worker is an independent contractor or employee for federal income and employment tax purposes is a complex one. It is...

How to make sure the life insurance benefits your family will receive after your death and avoid the federal estate tax.

One of the negative aspects of buying a new car is the annoyance involved with getting rid of your old car. Many individuals find the...

First, you must materially participate (see below) in a real estate business. The business of renting and leasing realty is a real estate business.

Retirement is an event that often triggers one's desire to review his estate plan. Even if your are not ready for a full-scale review, retirement...

At one time, there was relatively little confusion about IRAs because there was only one type available.

Income that you generate conducting your business as a sole proprietorship (or through a wholly-owned limited liability company (LLC)) is subject to both income tax...

The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate-income workers and lower-income workers. For tax-exempt employers, the credit...

The biggest advantage of an S corporation over a partnership is that as S corporation shareholders you would not be personally liable for...

You get a better tax result on your own income tax return if your expense account or reimbursement arrangement qualifies as an “accountable” plan. (See...

Deductibility of long-term medical care services: The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they,...

Were cars not subject to the restrictive rules, you would be entitled to a deduction, for a car exclusively used in business, of 20% of...

It seeks to take income out of your higher tax bracket and place it in the lower tax brackets of your children. While some tax...

The ISO gives you the right to buy 1,000 shares of the company's stock at its fair market value (FMV) at the time of the...

The tax law gives special treatment to certain kinds of income and allows special deductions for certain kinds of expenses. The AMT was designed to...