If you own a company and travel for business, you may wonder whether you can deduct all the costs of having your spouse accompany you on trips. It’s possible, but the rules are restrictive. When your spouse is also your employee If your spouse is your employee, you may be able to deduct most of […]

The consequences of misclassifying an employee as an independent contractor can be costly. You could be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), penalties and interest. There may be serious nontax consequences as well. How important is this? Businesses must withhold federal and state income taxes and the […]

Making a family loan isn’t the only way to assist a loved one with purchasing a home. If you aren’t concerned about being paid back, a straightforward option is gifting cash. In 2025, you can give up to $19,000 to anyone without federal gift tax consequences under the gift tax annual exclusion. If your loved […]

Right now, you may be more focused on your 2024 tax bill than on planning your tax finances for the new year. However, as you work through your annual tax filing, it’s a good idea to familiarize yourself with pertinent amounts that may have changed for 2025 due to inflation adjustments. Here are five commonly […]

Filing joint tax returns generally results in the lowest tax bill for married couples. However, there are some circumstances where married couples will pay less taxes if they file separately. And, in a situation where both spouses have similar taxable W-2 income, their tax liability may change very little, regardless of filing status — barring other […]