The basis of an asset is very important because it’s used to calculate deductions for depreciation, casualties, and depletion, as well as gains or losses on the disposition of that asset. We explain in this week’s Tax Tip.
As back-to-school season commences, the “Money Talks” hosts share advice on the available tax credits for higher education and how to coordinate them with 529 Plan withdrawals.
So many life events provide tax-planning opportunities. See if you need tax help in this week’s Tax Tip.
Receiving money from a C corporation? The method used to make the distribution determines your tax consequences. Learn more in this Business Tip.
Have deferred compensation? Do you know when it is subject to income tax? Find out in this week’s Tax Tip.
Although an S Corporation has many advantages, shareholders may wish to convert the corporation into a C corporation in certain situations. We explain what they are in this week’s Business Tip.
There are tax credits available to help parents pay for child care, but there’s a catch! We explain in this Question of the Week.
Your tax consequences for selling an interest in a business depend on the type of business entity. Read more in this Business Tip.
Like many investment products, tax-deferred fixed annuities have both advantages and disadvantages. We explain in this week’s Tax Tip.
If you received a federal tax benefit from deducting state and local taxes as an itemized deduction in a prior taxable year and you recover all or a portion of those taxes in the current taxable year, you may need to include a portion of the recovery in gross income. We explain in this week’s Tax Tip.
