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Step Right Up! Step-ups Explained

Step-ups are powerful, and I believe they should be more widely understood. To that end, the following paragraphs attempt to explain this topic for those of us who are not […]

What’s a Carried Interest, and Who’s Carrying Who?

A carried interest is ownership in future partnership profits, usually granted in return for services. The terms profits interest and promote are commonly used interchangeably to refer to the same […]

The Tale of Retroactive Depreciation

Recent changes to the depreciation rules provide potential tax benefits to real estate professionals. Recently enacted legislation fixed the mistake made by Congress, known as the ‘retail glitch’. This change, […]

Can You Qualify for a Medical Expense Tax Deduction?

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. […]

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 […]

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 […]

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, […]

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 […]

How Series EE Savings Bonds are Taxed

Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put […]