NKSFBTax Insights
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.
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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....
Pay Attention to the Tax Rules if You Turn a Hobby Into a Business
July 22, 2024
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business.
Taxes When You Sell an Appreciated Vacation Home
July 15, 2024
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home.