Consider a Roth IRA for an Overfunded 529 Plan

Have you established, or are you considering, a Section 529 savings plan for a child, grandchild, or other family member? Such plans are a great way to help pay for a person’s college education. Contributions are not federally tax deductible, but they grow tax-free, and you can withdraw them tax-free to pay higher education expenses. […]

2023 Last-Minute Medical Plan Strategies

All small-business owners with one to 49 employees should have a medical plan for their business. Sure, it’s true that with 49 or fewer employees, the tax law does not require you to have a plan, but you should. When you have 49 or fewer employees, most medical plan tax rules are straightforward. Here are […]

Switch from the Milage-Rate to the Actual-Expense Method

Is the mileage rate sticking it to you? Could you increase your tax deductions by switching from the IRS mileage rate to the actual-expense method? If so, you will be happy to learn you can make that switch. When you choose the mileage rate, you elect out of the actual-expense method and also elect out […]

You May Need to Pay These Taxes if You Want to Leave the U.S.

Will you be a expatriate or covered expatriate?

When you leave the U.S. to live in another country, you essentially have two choices from a tax perspective, both of which can cost you a pretty penny. First, you can simply leave the country and take up residence elsewhere. But if you choose this option, beware: the U.S. continues to tax you on your […]

How to Deduct Business Travel Expenses by Different Transportation Methods

Say you are going to travel from your home in Washington, D.C., to San Francisco. Will the tax law allow you to travel to San Francisco by car, train, plane, or boat, your choice? Answer. Yes. But special rules apply. You need to know these rules to guarantee your business travel expenses. Travel by Car […]

New 2024 Businesses and Rentals Initiate FinCEN Filings

After years of delays, the first stage of the Corporate Transparency Act (CTA) goes into effect on January 1, 2024. It imposes a new federal filing requirement for most corporations and limited liability companies (LLCs) formed in 2024 and later. The CTA’s purpose is to prevent the use of anonymous shell companies for money laundering, […]

Know What the IRS Say About Deducting More Than One Vehicle

Contrary to popular belief, the IRS does not limit business owners to claiming deductions on only one business vehicle. Here are some resources and information on deducting more than one vehicle. Small businesses might maximize tax benefits by using multiple vehicles for business purposes. This is particularly true when the vehicles are used predominantly (more […]

Moving to the United States? Tax Info for Foreigners

Say you have a friend who moved to the U.S. from Greece. Here is a high-level look at eight U.S. foreigner tax considerations your friend needs to know: Tax residency. A foreign individual’s income tax obligation in the U.S. hinges on their tax residency status—whether they are a resident alien or non-resident alien. Resident aliens […]

Tax Obligations for U.S. Citizens Working or Living Abroad

Businesswoman considering tax obligations for working or living abroad.

Many employees take opportunities to live and work in various parts of the world but may have concerns about their U.S. tax obligations for working or living abroad. We want to alert you to the tax implications you might encounter as a U.S. citizen living or working abroad. We’re going to use Switzerland in our […]

Info on the Individual Coverage HRA for Small Businesses

Info on the ICHRA for Small Businesses

If you are thinking about offering your employees the new individual coverage health reimbursement arrangement (ICHRA for small businesses), take a moment to read the insights below. Class size rule. You face the class size rule only if you offer a traditional group health plan to one class of employees and an ICHRA to another. […]

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