INDIVIDUAL TAX | 10/18/2024 If you have a high income, you may be subject to two additional taxes: the 3.8% Net Investment Income Tax (NIIT) and the 0.9% Additional Medicare Tax on certain earnings. Here’s an overview of how these taxes work and strategies to help minimize their impact. 1 The 3.8% Net Investment Income …
INDIVIDUAL TAX | 10/12/2024 Remote work has become a lasting arrangement for many industries, offering flexibility and benefits for both employers and employees. However, working remotely, especially across state lines, can lead to unexpected tax consequences. Whether you’re an employee or an employer, understanding these implications is essential to avoid surprises and ensure compliance. Tax …
INDIVIDUAL TAX | 09/07/2024 Dealing with unexpected tax bills can be overwhelming, especially if the liability stems from your spouse’s or ex-spouse’s errors. The IRS’s joint and several liability rules hold each spouse jointly responsible for the full tax liability on a couple’s combined income when filing a joint tax return. This means the IRS …
INDIVIDUAL TAX | 09/02/2024 Series EE savings bonds have been a popular choice for Americans looking to save for college or support national initiatives. Initially issued in 1980 to replace Series E bonds, they were branded as “Patriot Bonds” from 2001 to 2011 to symbolize support for the nation’s anti-terrorism efforts. If you own Series …
TAX PLANNING | 08/29/2024 If you’re required to take required minimum distributions (RMDs) from a traditional IRA and also have charitable giving goals, a qualified charitable distribution (QCD) can be a powerful tax-saving strategy. By leveraging this approach, you can fulfill your philanthropic intentions while reducing your taxable income and potentially qualifying for additional tax …
INDIVIDUAL TAX | 08/25/2024 During the COVID-19 pandemic, many people transitioned to working from home, a trend that continues today with many still operating from their home offices either full-time or on a hybrid basis. If you’re self-employed and manage your business from home, or handle specific tasks there, you might be eligible to claim …
TAX PLANNING | 08/24/2024 A 529 plan is a powerful, tax-advantaged savings tool designed to help families save for education expenses. Whether for college or eligible K-12 expenses, these plans offer potential tax-free earnings and other significant benefits when used strategically. Starting in 2024, unused 529 funds can even be rolled into a Roth IRA …
INDIVIDUAL TAX | 08/15/2024 Estimated tax payments ensure individuals who don’t have sufficient federal taxes withheld throughout the year contribute their fair share. These payments apply if your income comes from sources such as interest, dividends, self-employment, capital gains, pensions, or other non-withheld income. If you need to make estimated tax payments, understanding the rules …
INDIVIDUAL TAX | 08/10/2024 Equity-based compensation is a valuable tool for attracting and retaining top talent, but it comes with complex tax and accounting implications. Common forms of equity-based compensation include: Understanding the nuances of equity-based compensation is critical to managing tax liabilities and ensuring compliance with IRS and financial reporting requirements. Tax Considerations for …
GIFT & ESTATE | 07/23/2024 As the saying goes, “You can’t take it with you.” When it comes to your wealth, the key question is: Where do you want it to go? After your passing, your assets can be directed toward one of three destinations: If your estate is subject to taxes, proactive planning can …