If you’re not careful, you could be held liable for the estate’s federal tax debts. In other words, instead of paying the amount that’s due out of the estate’s assets, you might have to come up with the tax payments out of your own pocket!
Are you getting ready to hand over the reins of your corporate business to the younger generation? Typically, you might arrange to sell shares of company stock to your successors or simply give the stock to them.
The home-sale gain exclusion is probably the largest single federal income tax break for individuals. If you qualify, you can pocket up to a half million dollars of tax-free profit from the sale of your home with no strings attached.
Is your daughter or son marrying soon? You’ll probably lose a tax exemption when your child marches down the aisle, but that doesn’t mean the happy couple has to suffer, tax-wise.
Incorporating in Delaware has no impact on federal income taxation.
Beware contributing to your IRA after you claim it as a deduction.
Can beneficiaries of an estate exercise inherited stock options?
Can you deduct future organ donation as a current charitable donation?
It appears that high gasoline prices will be with us for some time, so don’t be shy about adding fuel fees to your prices.
“Let’s do lunch.” That’s something you might say to a client or business associate. Not only are you taking care of business, you’re entitled to a tax discount on the tab.