NKSFBTax Insights
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.
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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.
The Best Way to Survive an IRS Audit Is to Prepare
August 7, 2023
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audits these days, that will be little consolation if yours is one of them.
Are You Married and Not Earning Compensation? You May Be Able to Put Money in an IRA
July 31, 2023
When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. It allows contributions to be made for a spouse who is out of work or who stays home to care for children, elderly parents or for other reasons, as long as the couple files a joint tax return.
Reduce the Impact of the 3.8% Net Investment Income Tax
July 24, 2023
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some ways you may be able to reduce its impact.
Four Tax Challenges You May Encounter If You’re Retiring Soon
July 17, 2023
Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications.