Author: Rob Cordasco

Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels and salons. Compliance with federal and state tax regulations is vital if your business has employees who receive tips. Are tips becoming tax-free? During the campaign, President Trump promised to end taxes on […]

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If you’re getting ready to file your 2024 tax return and your tax bill is higher than you’d like, there may still be a chance to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA until this year’s April 15 filing deadline and benefit from the tax savings on […]

Read More… from You may be able to make a deductible IRA contribution for last year this year

Does your estate plan leave specific assets to specific family members? If so, you may want to reconsider your plan. While it may be tempting to say, leave your son your classic car and give your daughter a family heirloom, doing so risks inadvertently disinheriting other family members, even if you’ve gone out of your […]

Read More… from Leaving specific assets to specific heirs may lead to unintentional outcomes

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or rental activity throws off a tax loss — and many do during […]

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Over your lifetime, you’ve likely accumulated various tangible assets. These may include automobiles, personal property or art. It’s relatively easy to account for such assets in your estate plan, but what about intangible assets, such as intellectual property (IP)? These assets behave differently from other types of property, so careful planning is required to preserve […]

Read More… from If your estate includes IP, consider these planning strategies

As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. There are two methods for claiming this tax break: the actual expense method and the simplified method. Here […]

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Oh, the Corporate Transparency Act (CTA)—the gift that keeps on giving, or perhaps more accurately, the regulatory piñata that keeps getting whacked by courts, agencies, and small businesses alike. If you thought navigating tax season was complicated, wait until you try to decipher the latest changes to the beneficial ownership information (BOI) reporting rules. Spoiler […]

Read More… from The Corporate Transparency Act’s Beneficial Ownership Rules: A Masterclass in Bureaucratic Whiplash

From the moment they launch their companies, business owners are urged to use key performance indicators (KPIs) to monitor performance. And for good reason: When you drive a car, you’ve got to keep an eye on the gauges to keep from going too fast and know when it’s time to service the vehicle. The same […]

Read More… from So many KPIs, so much time: An overview for businesses

If you’ve reached age 70½, you can make cash donations directly from your IRA to IRS-approved charities. These qualified charitable distributions (QCDs) may help you gain tax advantages. QCD basics QCDs can be made from your traditional IRA(s) free of federal income tax. In contrast, other traditional IRA distributions are wholly or partially taxable, depending […]

Read More… from Senior tax-saving alert: Make charitable donations from your IRA

In one way or another, most small to midsize businesses have addressed employees using personal devices for work. In 2022, online career platform Zippia reported that 83% of companies surveyed had a bring your own device (BYOD) policy “of some kind.” That percentage has likely increased as even more businesses have recognized the inherent risks […]

Read More… from Businesses need to stay on top of their BYOD policies