NKSFBTax Insights
The Advantages of Using an LLC for Your Small Business
October 2, 2023
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might be a good choice for your business.
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A Tax-Smart Way to Develop and Sell Appreciated Land
September 25, 2023
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill.
Pocket a Tax Break for Making Energy-Efficient Home Improvements
September 11, 2023
An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may be able to benefit from an enhanced residential energy tax credit to help defray the cost.
Moving Mom or Dad Into a Nursing Home? Five Potential Tax Implications
September 5, 2023
More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks.
Retirement Account Catch-Up Contributions Can Add Up
August 28, 2023
If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road.
Inheriting Stock or Other Assets? You’ll Receive a Favorable “Stepped-Up Basis”
August 21, 2023
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.
Use an S Corporation to Mitigate Federal Employment Tax Bills
August 14, 2023
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills.