With the escalating cost of health care, many people are looking for a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer…
If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken.…
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up…
How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified…
Commercial property is generally depreciated over 39 years, and residential rental property over 27.5 years. Real property is more than just the building itself – it also contains plumbing, fixtures, carpeting, awnings, removable partitions, window treatments, lighting, HVAC systems .…
If you’re in the market for a new or used car, you already know that prices have skyrocketed lately. According to Edmunds.com, the average vehicle is expected to cost 38% above the starting MSRP in 2022. The average transaction price…
With recent skyrocketing real estate prices, it’s tempting to consider selling your appreciated commercial or investment property. But do you want the resulting high tax bill that comes with that increased profit? A like-kind exchange can be a solution. Under…
If you’re an empty nester or just ready to reduce the time and effort involved in maintaining a larger home, you’ve probably thought about downsizing. With a smaller property, you could save money in reduced utility bills, property taxes, and…
Many of us make new year’s resolutions – new habits we want to cultivate in order to achieve our goals. Amid your weight loss and other self-improvement intentions, here are some financial goals to consider: Review your investments. With market…
Are you an avid collector of a specific item, such as trading cards, rare coins or antique toys? Not only can collecting be an enjoyable hobby, but it also can be financially lucrative if you buy and sell collectibles in the…