Some taxpayers qualify for more favorable “head of household” tax filing status
You may pay less tax if you file your tax return as a “head of household” than if you file as a “single” individual. What’s the difference?
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Outlook
News, views, and ideas shaping the future.
Troy Skeens
- 2 days ago
- 2 min
Choosing an entity for your business? How about an S corporation?
There are several choices of entities for a new business venture. What about an S corporation? Here are the advantages.
Victoria Ma
- 6 days ago
- 3 min
Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return
Of course, the deadline to file your 2022 tax return is in April. But here are a couple important deadlines in April for certain taxpayers.
Sarah Dmytryk
- Mar 14
- 2 min
The 2022 gift tax return deadline is coming up soon
April 18 is the deadline for filing a gift tax return if you made large gifts last year. Are you required to file one? You may want to.
Mike Hawkins
- Mar 14
- 2 min
Changes in Sec. 174 make it a good time to review the R&E strategy of your business
A tax law passed in 2017 makes a major change to Section 174 research and experimental (R&E) expenses. Here’s what it might mean for you.
Sarah Dmytryk
- Mar 1
- 2 min
Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances
If you receive a personal injury settlement or award, do you have to pay tax on it? Here are the rules, along with two example court cases.
Geoff Grendel
- Feb 27
- 2 min
Buying a new business vehicle? A heavy SUV is a tax-smart choice
Are you a business owner thinking about buying a vehicle to use in your enterprise? Here’s an option that may save you taxes this year.
Ellyn Strittholt
- Feb 21
- 2 min
There still may be time to make an IRA contribution for last year
If you want to help ensure your financial security in retirement, it's best to save now. If you qualify, you still have time to contribute.
Stu Collopy
- Feb 17
- 2 min
Now hiring: 10 questions to ask bookkeeper candidates
Hiring a bookkeeper for your small business can be a daunting task. Here are some helpful tips.
Janie Evans
- Feb 14
- 4 min
Reading the tea leaves: Potential tax legislation in the new Congress
With Republicans now in control of the U.S. House of Representatives, what’s the fate of prospective tax legislation in 2023?
Mark Picard
- Feb 14
- 2 min
Child Tax Credit: The rules keep changing but it’s still valuable
If you’re a parent, you know that children are expensive. Fortunately, there’s a federal Child Tax Credit that may help you with the expense
Jay Rueger
- Feb 13
- 2 min
Key tax issues in M&A transactions
Pay attention to taxes when buying or selling a business. After a transaction is complete, it may be too late to get the best tax results.
Linda Brogan
- Feb 8
- 2 min
Answers to your questions about 2023 limits on individual taxes
How much is the standard deduction in 2023? Here are some Q&As about this & other tax-related amounts for 2023.
Kristin Rohlfs
- Feb 6
- 2 min
Have employees who receive tips? Here are the tax implications
Here are some tax tips for businesses with employees who receive tips.
Whitney Hurtt
- Feb 1
- 2 min
Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty
Breaking into a retirement plan before age 59½ may result in a penalty tax. But there are exceptions. Here are the rules.
Wally Khoury
- Jan 30
- 1 min
Many tax limits affecting businesses have increased for 2023
Here’s how much your employees can contribute to a 401(k) and an HSA this year, as well as other important business tax amounts.
Bailey Crane
- Jan 23
- 2 min
Forms W-2 and 1099-NEC are due to be filed soon
January 31 is an important deadline for businesses with hired workers. Here’s what’s due.
Troy Skeens
- Jan 17
- 3 min
Tax-saving ways to help pay for college — once your child starts attending
As any parent of a college student knows, higher education is expensive. Fortunately, there are some tax breaks for eligible parents.
Avleen Marwah
- Jan 13
- 3 min
Tax-wise ways to save for college
Before you know it, your youngsters will be heading to college. Here are some tax-saving ways to build an education fund.
Chris Luckhaupt
- Jan 9
- 2 min
Employers should be wary of ERC claims that are too good to be true
Have you heard ads on TV telling businesses how they can claim a huge Employee Retention Credit? Is it too good to be true?
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