Scam artists seem to come out of the woodwork when there’s money involved — and taxes are no exception. Fortunately, if you familiarize yourself with common tax scams and understand what the IRS will and won’t do, it’s easy to avoid them. This article highlights...
Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes and simplify the reporting process. Until recently, federal tax rules generally defined “small business” as one with average annual gross receipts of $5 million or less ($1 million...
The COVID-19 pandemic has been causing havoc in the global markets and the U.S. economy. In these uncertain times, it’s important to stay on top of your financial status, including taking measures to protect your retirement fund over the long-term. One idea to consider is...
The S corporation continues to be a popular entity choice, combining the liability protection of a corporation with many of the tax benefits of a partnership. But these benefits come at a price. S corporations must comply with strict requirements that limit the number and...
If you’re selling a business interest, real estate or other highly appreciated property, you could get hit with a substantial capital gains tax bill. One way to soften the blow, if you’re willing to tie up the funds long term, is to “roll over” the...
If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences — such as unexpected taxable income, gift tax or both. In this article we share five simple...
Additional relief is on the way for individuals and businesses. Here are the key provisions of the additional round of stimulus in The Act passed by Congress and signed by the President. New Round of Recovery Rebate Payments[spacer height="20px"] These payments are limited to $600 per individual this...
Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The correction retroactively allows real estate property owners to depreciate QIP...
After 36 years as a partner with Schmidt Westergard & Company, Jim Schmidt has decided to retire as a partner from Schmidt Westergard as of December 31, 2020. Effective January 1, 2021, Jim will assume a valued role with the firm in an "Of Counsel" capacity. ...
If you support an eligible Arizona charity or school, taking advantage of state tax credits is an attractive way to lessen your pain as a taxpayer and help a worthy cause - at no net cost to you. Before we discuss the various credits and whom...