Before you spend lottery, gambling or other winnings, understand the tax rules
It’s easy to focus on the excitement of a big win. But federal tax law generally treats lottery prizes, gambling winnings and other awards as taxable...
Selecting a tax accounting method for your small business
Small business owners must answer an important question: Should we use the cash or accrual accounting method for federal income tax purposes? Larger e...
Last year, the new tax deduction for taxpayers 65 and older was sometimes referred to as “no tax on Social Security.” In actuality, this up-to-$6,000-...
What’s the right entity type for your new business?
Start-ups must choose a legal entity for their business activities. The type of entity you select affects how the business is taxed and who may be hel...
When the sale of an appreciated home triggers taxes — and when it doesn’t
Home values have risen significantly in many areas of the country over the last several years, leaving some homeowners with substantial gains when the...
Do you operate a side gig in addition to your regular day job? Whether you’ve turned a love for crafting into an online store or you play the guitar a...
Even with a relatively low unemployment rate (averaging around 4.4% over the past year), layoffs and terminations continue to affect workers across ma...
Many parents don’t know that the so-called “kiddie tax” exists. Others assume it affects only minor children. But it also can apply to full-time stude...
If you’re self-employed, you probably have questions about deducting business expenses on your federal income tax return. Here’s a quick overview of t...
