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Prior Articles
Does your trust provide for the removal of a trustee?
To ensure that a trust operates as intended, it’s critical to appoint a trustee that you can count on to carry out your wishes. But to avoid protracted court battles in the event that the trustee isn’t doing a good job, consider giving your beneficiaries the right to...
Manufacturers: Take note of key tax provisions of the CHIPS Act
The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) recently became law as part of the CHIPS and Science Act of 2022. Among other things, the new law provides more than $52 billion in funding for manufacturers to produce...
The Inflation Reduction Act: what’s in it for you?
You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near future, it contains, extends and modifies many climate and energy-related tax credits that...
Is your construction company a C corporation? Beware of “unreasonable” compensation
Many construction businesses are structured as C corporations. If that’s the case for your company, you’re probably aware that C corporations usually prefer to classify payments to owners as tax-deductible wages because it lowers corporate taxes. However, as you’re...
Leave a lasting legacy with a family education trust
Providing for the educational needs of your children, grandchildren and even future generations is an honorable estate planning objective. What are your options for achieving this goal? A 529 plan can be a highly effective tool for funding tuition and other...
Home sweet home: Do you qualify for office deductions?
If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions. But not everyone who works from home gets the tax break. Employees who work remotely can’t deduct home office expenses...
Don’t overlook tax considerations when selling your manufacturing business
If you’re contemplating selling your manufacturing business, be sure you understand the tax implications. The way that your business (as well as the transaction) is structured can impact your tax bill and, therefore, your net proceeds from the sale. Here are some...
An “innocent spouse” may be able to escape tax liability
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to...
Avoid these 4 estate planning pitfalls
No one likes to contemplate his or her own mortality. But ignoring the need for an estate plan or procrastinating in the creation of one is asking for trouble. If you haven’t started the process, don’t delay any longer. For your estate plan to achieve your goals,...
Estimated tax payments: Who owes them and when is the next one due?
If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains or other income. Here are the applicable rules...
Is your withholding adequate? Here’s how to check
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big refund. Receiving a tax...
Operating in multiple states may have tax implications for manufacturers
Nothing is certain but death and taxes. While this may apply to federal taxes, state taxes are a bit more uncertain. Manufacturers operating in more than one state may be subject to taxation in multiple states. But with proper planning, you can potentially lower your...
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