INDUSTRY | 11/14/2024 Following Donald Trump’s 2024 election win, the construction industry is poised for significant changes as the administration’s proposed tax policies take shape. With potential corporate tax cuts, enhanced domestic production incentives, and shifts in environmental policy, construction firms will encounter both new opportunities and challenges. Here’s what to expect and how to …
BUSINESS MANAGEMENT | 11/13/2024 Plan Your Business’s Future: Succession and Owner Transition Strategies The impending generational wealth transfer underscores the importance of effective business succession and transition planning. Preparing for the future can help define your company’s trajectory, secure your legacy, and protect your wealth. Transitioning a business is complex, but proactive planning, adaptability, and …
GIFT & ESTATE | 11/02/2024 Estate Planning: Securing Your Legacy and Reducing Taxes When it comes to your estate, thoughtful planning is essential to ensure your assets are distributed according to your wishes while minimizing estate taxes and other expenses. The potential expiration of the enhanced estate and gift tax exemptions under the Tax Cuts …
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 …
REGULATION | 10/01/2024 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. A well-drafted agreement can do these valuable things: Agreement basics There are two basic types of buy-sell agreements: Cross-purchase agreements and redemption agreements (sometimes …
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 …
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 …