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Tax Insights

Thinking About Converting Your Home Into a Rental Property?

May 23, 2022

In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries potential tax benefits and pitfalls.

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Selling Mutual Fund Shares: What are the Tax Implications?

May 16, 2022

If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million households owned mutual funds in mid-2020. But despite their popularity, the tax rules involved in selling mutual fund shares can be complex.

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The Tax Rules of Renting Out a Vacation Property

May 9, 2022

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year.

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Tax Issues to Assess When Converting From a C Corporation to an S Corporation

May 2, 2022

Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before making a decision to switch.

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Fully Deduct Business Meals This Year

April 25, 2022

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021).

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Once You File Your Tax Return, Consider These Three Issues

April 18, 2022

The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind.

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Can You Deduct the Costs of a Spouse on a Business Trip?

April 11, 2022

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips.

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Making Withdrawals From Your Closely Held Corporation That Aren’t Taxed as Dividends

April 4, 2022

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible by the corporation.

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Married Couples Filing Separate Tax Returns: Why Would They Do It?

March 28, 2022

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation.

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