Ken Berry is a nationally-known writer and editor specializing in tax, financial and retirement planning issues. During his long career, he has served as managing editor of a publisher of content-based marketing tools and vice president of an online continuing education company. As a freelance writer, Ken has authored thousands of articles for a wide variety of newsletters, magazines and other periodicals.
If your company uses the accrual method of accounting for tax purposes, you can deduct accrued year-end bonuses in the current year as long as they are paid within...
A taxpayer who qualifies as an “innocent spouse” may be entitled to relief from tax liability on a joint return. But the IRS often questions claims of...
Do you want to help a local athletic organization that benefits your children? Join the booster club for an amateur sports program. You can likely write off the...
It may have flown under the radar, but the 2010 Tax Relief Act extends a key tax break for cleaning up hazardous materials on business property. Strategy: Finalize...
If your child is graduating from college or grad school, you’ll want the youngster to start off on the right foot. Strategy: Give your child a low-interest, or...
You can usually deduct 100% of your health insurance expenses if you’re self-employed. But you may do even better tax-wise. Strategy: Hire your spouse to work...
A new private ruling provides the tax “icing on the cake” to IRA holders who pay wrap fees to their brokers. According to the ruling, wrap fees don’t...
The tax law generally treats rental real estate properties as “passive activities” that are, by definition, subject to the passive activity limits on...
Q. If someone purchased a residential or commercial rental property in 2010, does he qualify for the Section 179 deduction for leasehold improvements included in the...
If you’re embroiled in a contentious legal dispute, taxes may be the last thing on your mind. But errors in the way you draft a settlement agreement could mean...
You might decide to reduce your taxable estate through lifetime gifts. But you’d also like to avoid a hefty gift tax on amounts above the $1 million lifetime...
Thanks to the new health care legislation, you can keep older children on your company health care plan for a longer period of time. The IRS has released temporary...
Work is usually a “family affair” for small business owners. Typically, your spouse will pitch in whenever and wherever help is needed. Strategy: Officially...
If your firm is tagged as a “personal service corporation” (PSC), it must pay tax at a flat rate of 35% (the current highest average tax rate for C corps)....
Are you tired of paying tax twice on income as a C corporation owner? First, income is taxed to the corporation as it is earned and then again to you personally when...
The IRS recently provided data about itemized tax deductions claimed on 2008 returns in the Winter 2010 Statistics of Income (SOI) Bulletin. The SOI Bulletin may be...
