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November292021
Year End Strategies for Donating to Charity or Gifting Loved Ones

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved […]

November222021
Tax Implications of Gambling Winnings

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winnings […]

October252021
Am I a Real Estate Professional?

In this post, I will cover the real estate professional rules for tax purposes. What does it mean to be a real estate professional? How does a taxpayer become one? […]

August232021
Scholarships are Usually Tax Free but May Result in Taxable Income

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, […]

July262021
There’s currently a “stepped-up basis” if you inherit property. Will it last?

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Current Rules Under the current fair market value […]

July122021
Eligible Businesses can Claim the Employee Retention Tax Credit

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a […]

June282021
Hiring your minor children this summer? Reap tax and nontax benefits

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with […]

May242021
Know the Rules for Providing Employee Education Assistance

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year […]

April262021
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 […]