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Tax Insights

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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Are You Ready for the 2021 Gift Tax Return Deadline?

March 21, 2022

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway.

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Defer Tax With a Like-Kind Exchange

February 28, 2022

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind exchange strategy may be attractive.

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