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Rising costs are taking a toll on many American families. Fortunately, Uncle Sam offers some tax relief that may ease your family's financial burden. Here are seven common tax breaks you may be able to claim including the child and adoption credits, Section 529 college savings plans and the deduction for student loan interest.
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Employee stock ownership plans (ESOPs) often are used by owners to help exit their business. But they're not right for every company. Here are the basics on how these tax-advantaged retirement plans work, along with pros and cons to consider before establishing an ESOP.
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If you're a small business owner or a corporate owner and your qualified retirement plan includes appreciated company stock, what will happen when you cash in that stock? Currently you can save federal income tax by taking a lump-sum payout in company stock instead of first converting your stock to cash. Beware: Congress has this provision in its crosshairs, so it could disappear. Here are the details.
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At many businesses, bonuses reward employees for their contributions during the year. But Uncle Sam takes a cut of this source of taxable income. Here's a summary of the tax issues related to year-end bonus payments, including a special rule that allows accrual-method businesses to deduct employee bonuses paid up to 2 months after year end as a 2023 expense.
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Many Americans receive disability income, and the question is often asked: Is it taxable? The short answer is: That depends on who paid for it. This article details how and when taxes may apply. A sidebar discusses how much disability coverage an individual may need.
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Many companies are having trouble attracting and retaining skilled workers in today's tight labor market. A robust benefits package can help tip the scales in your favor. One fringe benefit that's relatively inexpensive and popular among employees is group term life insurance. Here's what you need to know about these plans and their tax treatment, including a possible carve-out feature to reward your top talent.
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Small business owners still have time to reduce their federal income tax bills for this tax year. Here are five tax-smart moves to consider between now and year end. The good news is it appears there won't be any significant unfavorable federal tax changes that will take effect next year, which simplifies year-end tax planning for 2023.
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Open enrollment for benefits has begun at many companies. If your employer lets you choose from a menu of health care plans, it's important to review your options carefully. Tax-favored Health Savings Accounts (HSAs) are one possible solution to help employees curb mounting health care costs. Here's what you should know before you pick the plan that's right for your situation.
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Have you made moves to lower your federal income tax obligation for 2023? Fortunately, there's still time and this year, tax planning may be simpler, because Congress isn't expected to pass any additional tax-related legislation that will affect your 2023 or 2024 tax situation. Here are seven ideas for you to consider before year end.
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Many people especially small business owners define themselves based on their professional career. But no one can work forever. At some point, business owners need to hand over the reins to the next generation of management or a third-party buyer. Even if you don't plan to retire soon, you need to have an exit strategy in place to maximize your return on investment.
