NKSFBTax Insights
Spouse-Run Businesses Face Special Tax Issues
December 4, 2023
Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues.
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Update on Depreciating Business Assets
November 20, 2023
The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to know.
Divorcing Business Owners Should Pay Attention to the Tax Consequences
November 13, 2023
If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it.
Guaranteeing a Loan to Your Corporation? There May Be Tax Implications
November 6, 2023
Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on the loan and you’re required to pay principal or interest under the guarantee agreement, you don’t want to be caught unaware.
Selling Your Home for a Big Profit? Here Are the Tax Rules
October 23, 2023
Many homeowners across the country have seen their home values increase in recent years. Be aware of the tax implications if you’re selling your home or you sold one in 2023. You may owe capital gains tax and net investment income tax (NIIT).
The Tax Consequences of Employer-Provided Life Insurance
October 16, 2023
If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications.
Plan Now for Year-End Gifts With the Gift Tax Annual Exclusion
October 9, 2023
Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2023 is $17,000.