Business Automobiles—Lease vs. Buy
If your business needs an automobile, you need to consider the tax consequences of buying or leasing the vehicle.
Employee Stock Purchase Plans (ESPP)
An employee stock purchase plan (ESPP) is a plan that allows a company to compensate a broad group of employees with options to buy the company’s stock at a specified price, usually at a discount. Many large companies use these plans as an employment incentive, giving employees an opportunity to share in the growth potential of the company’s stock. Generally, the employee is not taxed at the time the stock is purchased.
Mortgage Refinance Fees that are Deductible
If you’ve been lucky enough to lock in one of the historically low mortgage rates through refinancing, you should know some of the refinancing costs are tax deductible.
Check 21—Proving Tax Deductions without Canceled Checks
You haven’t received cancelled checks with your monthly bank statement since 2004, so how do you prove an expense to the IRS?
Bonus Plans
A year-end bonus sounds like a good idea, but is it in the best interest for your employees and company?
Early Withdrawals from Your IRA
Although you may withdraw money from an IRA at any time, these funds are intended for retirement. To encourage you not to touch this money until you retire, the IRS imposes penalties for early withdrawals.
Club Dues and Meal and Entertainment Expenses—Some are Deductible, Many are Not
Generally, club dues are not a deductible expense, but depending on the circumstances, a business meal at the club might be.
Final Tax Returns for Decedents
Even in death, you cannot escape taxes. Even after you have passed, your surviving spouse or estate need to file your final personal tax return.
Recordkeeping for Individuals—Personal Residence Tips
Keeping records and receipts for home improvements is essential as it lowers your tax basis in your home. This is most important when calculating the gain when eventually selling your home.
Do I Need a Consultant?
If you have a business, you are likely not an expert at all facets of running your business. A consultant can be hired to lead you in areas that are not your expertise.