Adjusting Your Tax Withholding
Now that you’ve seen last year’s tax results and can see where this year is heading, it may be a good time to consider adjustments to your income tax withholding.
S Corporations Reasonable Compensation Requirement
An S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits flow through to its shareholders’ individual tax returns and are not subject to self-employment taxes. As a result, many S corporations ignore the requirement that each shareholder-employee must take reasonable compensation in the form of W-2 wages in exchange for services performed for the corporation.
Owe the IRS Money? How Long Do They Have to Collect?
Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them.
3 Things to Consider Before Buying a Vacation Home
The COVID-19 pandemic in 2020 led to a surge in demand for vacation/second homes. If you are thinking about buying a vacation home, we cover 3 things to consider before taking the plunge.
Why Employee Classification is of Paramount Importance
There are a few major reasons why someone might prefer a salaried position over an hourly one. No, they aren’t going to receive overtime pay like their hourly employees, but they do have access to certain benefits that their counterparts don’t.
Tax Issues That Arise When Converting a Home into a Rental
The benefits of turning your home into a rental include cash income, tax write-offs, and most of all, long- term appreciation of the property. Before you place the “For Rent” sign, consider the tax consequences.
Inheritances Enjoy a Special Tax Benefit
If you sell an asset you purchased, you will likely have to pay taxes on the gain. However, if you sell an asset you inherited, any gain may receive a beneficial tax treatment.
Splurge or Save? Making the Most of Your Income Tax Refund
Are you finally buying that thing you’ve always wanted or are you taking your tax return windfall and investing it for your future? Consider your other choices before splurging on more stuff.
IRS Letter 6475—Your Third Stimulus Payment
IRS Letter 6475 gives you the total amount of money received in 2021 stimulus payments. Do not throw this letter away. This letter will help tax preparers quickly and accurately reconcile the Recovery Rebate Credit when preparing your tax returns.
The Triple Tax Benefit of Health Savings Accounts
Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Managing Associate Shawna L. Theriault, CFP®, CPA, CDFA®, and Associate Peter Lynch to cover the triple tax benefit investors can achieve using Health Savings Accounts (HSAs).