Do you qualify for a moving expense deduction? Four questions to ask.
If you answer “yes” to the questions below, it’s likely you’re eligible to claim a federal income tax deduction.
RESOURCES
Follow all rules when transferring assets to an irrevocable trust
Irrevocable trusts can provide a variety of benefits, including gift and estate tax savings, creditor protection, and the ability to control how assets are distributed. To preserve these benefits, however, it’s critical to respect all trust formalities.
Can you claim a home office deduction for business use?
You might be able to claim a deduction for the business use of a home office. If you qualify, you can deduct a portion of expenses, including rent or mortgage interest, depreciation, utilities, insurance, and repairs. The exact amount that can be deducted depends on how much of your home is used for business.
Finding the right tax-advantaged account to fund your health care expenses
With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible
How many employees does your business have for ACA purposes?
It seems like a simple question: How many full-time workers does your business employ? But, when it comes to the Affordable Care Act (ACA), the answer can be complicated.
Retiree Confidence In Ability To Afford Comfortable Retirement Increases
The 26th wave of the Retirement Confidence Survey (RCS), the longest-running survey of its kind in the nation, finds that American workers’ confidence in their ability to afford a comfortable retirement has maintained its increase after the record lows experienced between 2009 and 2013.
NOLs
A net operating loss (NOL) occurs when a business’s operating expenses and other deductions for the year exceed its revenues. On the bright side, you can claim an NOL deduction if your business’s expenses exceed its income (though certain modifications apply).
Properly fund your living trust to shield assets from probate
Many people set up a revocable, or “living,” trust to shield assets from probate and take advantage of other benefits. For the trust to work, you must transfer assets to it that would otherwise go through probate — a process known as “funding” the trust. Most people fund their trusts around the time they sign the trust documents.
Transfer Assets through Grantor Retained Annuity Trusts (GRATS)
There are several estate planning tools designed to assist in the transfer of assets to a trust for beneficiaries while also retaining the grantor’s right to income or use of the asset.