Private foundations aren’t only for the rich and famous
If creating a family legacy of charitable giving is important to you, a private foundation might be...
What the self-employed need to know about employment taxes
In addition to income tax, you must pay Social Security and Medicare taxes on earned income, such...
Understanding the statement of cash flows
The statement of cash flows highlights the sources and uses of cash. It’s arguably the most...
Education Funding: Grantor & Crummey Trusts for Grandchildren
Do you wish to play an active role in funding your grandchildren’s college educations? As you...
Surviving Spouses as Sole Designated Beneficiaries of IRAs
Surviving spouses who are sole designated beneficiaries of a decedent's IRAs have two favorable...
Nonprofits should look before leaping abroad
Many not-for-profits today look beyond U.S. borders to recruit members, sell products, promote...
Innovate or acquire? That’s the strategic question
Many companies reach a point in their development where they have to make an important decision:...
Time may be running out — again — for tax-free treatment of home mortgage debt forgiveness
Income tax generally applies to all forms of income, including cancellation-of-debt (COD) income....
Documentation is the key to business expense deductions
If you have incomplete or missing records and get audited by the IRS, your business will likely...
Business or Hobby Income?
It’s important to distinguish between what is considered a hobby activity and what is considered a...