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Traps in Transactions – Tax Free for Fed Doesn’t Mean Tax Free for State and Local

A common tax misconception is the belief that because a transaction is tax free (really, tax deferred) for federal tax purposes the states will tag along and not subject the […]

Maximize Your 401(k) to Save for Retirement

Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a […]

Golf, COVID-19, and Residency Planning

For some, the pandemic has triggered the urge to move to greener (or safer) pastures. At Berdon, we do our best to educate our clients about the tax ramifications of […]

Small Businesses May be Able to Cash in on Depreciation Tax Savers

As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you […]

Beyond COVID-19, There are Taxing Reasons Not to Visit Your Relatives for the Holidays

At the very least, COVID-19 has provided an excuse for not making that unwanted trip to visit relatives for the holidays. For those of you who might still get some […]

Employees: Don’t Forget About your FSA Funds

Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, […]

DC Eliminates the Terminating Business Gain Exclusion for the UBT Effective January 1, 2021

My colleagues Sarah Kim and Ken Maeng report on the District of Columbia Budget Support Emergency Act which eliminates the Terminating Business Gain Exclusion for Unincorporated Business Franchise Tax effective […]

Taking Distributions from Traditional IRAs

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals […]

Should State Apportionment of Income Change with Your Mood(y’s)?

When I was in law school, Constitutional Law and Tax Policy were my least favorite subjects. Little did I know I would grow up to be a SALT expert and […]