Catching Up on Catch-Up Contributions
When it comes to retirement planning, many people tend to focus on two things, opening a retirement savings account and then eventually drawing funds from it. However, there are other …
Business Property Remediation – Tax Impact
If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be tax-deductible as ordinary and necessary business expenses. Unfortunately, every type of …
How to Report a Disaster on Financial Statements
The COVID-19 pandemic has provided many lessons for business owners. One is how to report the impact of a disaster on a company’s financial statements. Under U.S. Generally Accepted Accounting …
AMTs May Still Bite for Some Filers
For many years, the alternative minimum tax (AMT) posed a risk to many taxpayers in the middle- to upper-income brackets. The Tax Cuts and Jobs Act (TCJA) took much of …
Life Insurance Loans Risks vs. Benefits
Because of the economic downturn triggered by the COVID-19 crisis, many people have found themselves in need of cash to pay unexpected medical bills, mortgage payments, and other expenses. One …