With summer fast approaching, you might be considering hiring young people at your small business. If your children are also looking to earn some extra money, why not put them on the payroll? This move can help you save on family income and payroll taxes, making it a win-win situation for everyone! Here are three […]
Read More… from Turn a summer job into tax savings: Hire your child and reap the rewards
The House of Representatives has successfully passed what President Trump lovingly dubbed the “One Big Beautiful Bill Act,” and frankly, the drama surrounding this legislative behemoth makes Game of Thrones look like a peaceful afternoon tea party. After months of negotiations, marathon overnight sessions, and enough political theater to fill Broadway, House Republicans managed to […]
Read More… from The “One Big Beautiful Bill”: A Legislative Soap Opera
The House of Representatives has delivered a legislative masterpiece that’s part tax reform, part economic stimulus, and part Rorschach test for your political leanings. Clocking in at 1,116 pages of fiscal fireworks, the “One Big Beautiful Bill” reads like a love letter to accountants and a horror novel for deficit hawks. Please remember that this […]
Read More… from The “One Big Beautiful Bill”: A Tax Code Makeover
The House GOP’s latest legislative creation—the MAGA Account (recently rebranded as the Trump Account after a late-night name swap)—is less a savings vehicle and more a Rube Goldberg machine of tax incentives, political branding, and generational wealth experiments. Let’s unpack this $1,000-per-baby bonanza that’s equal parts “free market” and “free money.” Please remember this proposal […]
Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new venture. One benefit of an S corporation One major advantage of an S corporation over a partnership is that shareholders aren’t personally liable for corporate debts. To ensure this protection, it’s crucial to: Adequately […]
Read More… from Exploring business entities: Is an S corporation the right choice?
The U.S. House of Representatives has passed its budget reconciliation bill, dubbed The One, Big, Beautiful Bill. Among other things, the sweeping bill would eliminate clean vehicle credits by the end of 2025 in most cases. If you’ve been pondering the purchase of a new or used electric vehicle (EV), you’ll want to buy sooner rather […]
Read More… from EV buyers, beware! House GOP bill ends clean vehicle tax credits after 2025
Your estate plan is the perfect place to make charitable gifts if you’re a charitably inclined individual. One vehicle to consider using is a donor-advised fund (DAF). What’s the main attraction? Among other benefits, a DAF allows you to set aside funds for charitable giving while you’re alive, and you (or your heirs) can direct […]
Read More… from Charitably inclined? Pair a donor-advised fund with your estate plan
When estate planning, it’s common for parents to leave their primary residence or a vacation home to their children. While your parents’ wills or trusts may specify who gets what percentage of the home, typically, you and your siblings will receive equal shares in the property. This can result in potential problems. For example, perhaps […]
Read More… from What happens if you and your siblings inherit your parents’ home?
Even if you’re single and have no children, having an estate plan helps ensure your final wishes are clearly documented and respected. Estate planning isn’t solely about passing assets on to direct descendants; it’s about taking control of your future. Without a formal estate plan, state laws will determine how your assets are distributed, and […]
Read More… from Single and child-free? Here’s why estate planning is still crucial
Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help by making a personal loan. That’s a nice thought, but there are tax implications that you should understand and take into account. Get it in writing You […]
Read More… from Deduct a loss from making a personal loan to a relative or friend
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