It is generally more tax-efficient to be paid a salary than to receive dividends, given that salary expense is deductible and dividends are paid on an after-tax basis. If the IRS thinks some portion of your salary really should be…
Farming businesses encompass a wide range of operations. All individuals, partnerships, or corporations that cultivate, operate, or manage farms for profit, either as owners or tenants, are designated as farmers. The term “farm” includes livestock, dairy, poultry, fruit, and truck…
You might scratch your head and wonder why a law that is intended to improve the quality of health care for U.S. citizens would penalize employers that are trying to do their part. The reason is simple: Since the value…
On December 19, 2014, the President signed into law the Tax Increase Prevention Act of 2014. This legislation included the Achieving a Better Life Experience Act of 2014 (ABLE Act), which provides for a new type of tax-advantaged account for…
It’s not time to put your dollar bills into memory capsules yet, but the use of convertible virtual currencies — including the Bitcoin — appears to be on the upswing. In addition to announcements that Bitcoins will be accepted by…
Every year during awards season in Hollywood, the IRS tallies its own votes for the most notorious tax scams of the year. Taxpayers are ultimately responsible for the information on their personal tax returns. So intentional or inadvertent participation in…
Historically, companies that wanted their employees to be protected with health coverage, but didn’t want the hassle of having a company health plan, could simply give employees an amount of money sufficient to reimburse them for the cost of buying…
By Philip Piedt, CFP® Managing your finances can be difficult. From Uncle Harry to the financial professional who was recommended by a colleague, it’s difficult to know whether you’re getting sound advice from anyone. Some people choose to manage their…
The S corporation is a popular business structure that’s available only to privately held businesses. In fact, approximately 44 percent of small employer firms — generally defined as companies with fewer than 500 employees — have elected to operate as…
Despite reduced resources due to recent budget cuts, the IRS is continuing its efforts to deter illegal tax evasion schemes. Instead of announcing its annual list of the “Dirty Dozen” tax scams for 2015 in one fell swoop, the agency…
