NKSFBTax Insights
Certain Charitable Donations Allow You to Avoid Taxable IRA Withdrawals
September 16, 2024
If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may want to consider a tax-saving strategy. It involves making a qualified charitable distribution (QCD).
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What Might Be Ahead as Many Tax Provisions Are Scheduled to Expire?
September 9, 2024
The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025.
Social Security Tax Update: How High Can It Go?
September 3, 2024
Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax they pay.
If Your Business Has Co-owners, You Probably Need a Buy-Sell Agreement
August 26, 2024
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement.
Be Aware of the Tax Consequences of Selling Business Property
August 19, 2024
If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply.
Consider Borrowing From Your Corporation, But Structure the Deal Carefully
August 12, 2024
If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate.
When Do Valuable Gifts to Charity Require an Appraisal?
July 29, 2024
If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal....