Estate planning isn’t just for married couples or parents. Estate planning for singles is just as important, because a plan helps ensure your wishes will be carried out and important decisions remain in trusted hands. If you don’t have one, courts or state law may determine how decisions are made and assets are distributed. Preparing […]
Vacation Home Rental: How the 14-Day Rule Affects Your Taxes
A vacation home rental during the weeks the property sits empty can bring in extra income. But it can also affect your taxes. The outcome depends largely on how many days you rent the property versus how many days you use it yourself. The 14-day rule In some cases, a vacation home rental can actually […]
Reducing IRS audit risk for small businesses
When business owners think about risk, market pressures and day-to-day operational challenges usually come to mind first. An IRS audit rarely makes the list, yet an audit can be costly, disruptive and time-consuming. While some taxpayers are selected at random, most audits happen because the IRS has identified certain patterns or inconsistencies. Understanding where these […]
Reasons and rules for filing an amended return
Once a tax return is filed, most people breathe a little easier. But it’s not uncommon to realize too late that something was left off a return, figures were misreported or some other error was made. Accuracy is essential, but, depending on the type of error, an amendment may not be required. Reasons to amend […]
Closing a business? Here’s how to stay on top of your tax duties
Businesses close for various reasons. Perhaps you’re ready to embark on a welcome change such as retirement or launching a new venture. Or maybe it just no longer makes financial sense to continue operating your current business. Whatever the reason, closing your business is a significant milestone, and part of wrapping things up means taking […]
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