State Taxes Impact Business Sales, Too

State Taxes Impact Business Sales, Too

For various reasons, business owners sometimes decide to put their companies on the market. To successfully negotiate the sale of a business, it’s critical to understand the tax implications. Armed with this knowledge, you can assess the impact of various transaction...
Don’t Get Blown Away by a Windfall

Don’t Get Blown Away by a Windfall

Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get blown away by a windfall and end up in worse financial shape. Risky Conditions Perhaps the most obvious example is you may be tempted to immediately buy an...
The Deductibility of Medical Expenses

The Deductibility of Medical Expenses

Individual taxpayers may be able to claim medical expense deductions on their tax returns. However, the rules can be challenging, and it can be difficult to qualify. Here are five points to keep in mind: 1. You must itemize to claim the deduction and have quite a few...
Being Prepared for an IRS Audit

Being Prepared for an IRS Audit

The IRS recently announced it intends to hire thousands of new employees as part of a tax-enforcement push. This could mean an uptick in audits sometime soon, likely focused on wealthier individuals and business owners. (Some tax returns are chosen randomly as well.)...