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What does the term "fair tax" mean, and how would a fair tax system affect you? This election season, you might hear some candidates pushing to revamp the current federal or state tax system to one that's based on consumption. However, there's some confusion about what this concept means. Here's a quick rundown on how these proposals might play out.
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Have you heard of conservation easements? Donating them to charities can be an effective way for high net-worth individuals to lower their federal income taxes, but missteps will likely bring IRS scrutiny. Here's what you need to know to ensure you're complying with the latest rules.
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Some small businesses have been struggling with morale for a variety of reasons, one of which may be economic uncertainty. They might be able to boost their employees' spirits with a relatively low-cost fringe benefit: an achievement awards program. This article discusses the tax implications of such a program and the importance of determining whether it is nonqualified or qualified.
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Tax loopholes happen, whether intentionally or by oversight. When a loophole opens, it's not uncommon for businesses to take notice and walk through those gaps while they can, to save taxes. Currently the IRS is working on regulations designed to close a loophole related to asset basis used by some partnerships. Here are the details.
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In today's digital age, anyone can become the victim of identity theft, but minors may be especially vulnerable. Victims may incur monetary losses and their credit histories can be severely damaged and the adverse effects may even extend to other family members. Here are key findings from a recent identity theft survey, along with some tips to help safeguard your loved ones' sensitive personal information.
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The Tax Cuts and Jobs Act (TCJA) brought numerous changes to the federal tax rules. Many provisions that may affect you personally are scheduled to expire after 2025, unless they're extended or made permanent by Congress. When the law was passed in 2017, that deadline seemed to be in the distant future but now it's fast approaching.
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Numerous provisions of the Tax Cuts and Jobs Act for individual taxpayers are scheduled to expire after 2025, unless Congress extends them or makes them permanent. But there are also six key provisions that will remain on the books indefinitely, unless Congress reverses them. Here's what you should know as you plan your tax strategy for the coming years.
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The Tax Cuts and Jobs Act (TCJA) changed many federal income tax rules for business taxpayers and their owners. Here's a summary of five key provisions that are scheduled to expire soon, unless Congress extends them or makes them permanent. A sidebar provides an overview of some key business-related changes that are permanent unless Congress reverses course.
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In today's uncertain federal tax environment, it's more important than ever to be proactive about estate planning. The federal gift and estate tax rules are currently more taxpayer friendly than they have been historically, but that could quickly end for many high-net-worth individuals. Here's what could happen and how to protect your wealth against unfavorable outcomes.
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Taxes are a hot button issue this election season, as many of the Tax Cuts and Jobs Act provisions are scheduled to expire after 2025. In addition, the candidates have proposed new tax provisions. Before you cast your ballot, it's important to understand where the candidates stand on federal tax issues that affect individuals and businesses. Here's what we know so far.
