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Tax Tips for August 2025

Tax Tips for August 2025

by | Aug 28, 2025 |

Click on the links below to jump to each section in this article: Timing a Roth IRA Conversion There's No Advantage to Last-Minute Tax Return Filing Bonus Depreciation Gets a Reprieve   Timing a Roth IRA Conversion Now might be a good time for some taxpayers to convert their traditional IRA to a Roth IRA. Traditional IRA withdrawals are taxed and, if taken early, may be subject to penalties. Also, required minimum distributions (RMDs) must be taken starting at age 73 (or 75 if you won’t turn 73 until after 2032). But qualified Roth IRA withdrawals are tax-free, you can access Roth contributions anytime tax- and penalty-free, and there are no RMDs for Roth accounts. Converting a traditional IRA to a Roth can allow you to turn tax-deferred future growth into tax-free growth and take...

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The Quirky Math of Partnership Income

The Quirky Math of Partnership Income

by | Aug 20, 2025 |

When it comes to taxation, partners in a business may find the math a bit puzzling. You may discover that the amount of partnership income you’re taxed on is more than the amount that was distributed to you. That’s a quirk of taxation that lies in the way partnerships and partners are taxed.

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The Quirky Math of Partnership Income

Should You Be Making Estimated Payments?

by | Aug 12, 2025 |

If your federal tax withholding isn’t enough to cover your total tax liability, you may need to make estimated tax payments. This typically applies if you have income from sources such as interest, dividends, capital gains or self-employment. The following rules explain how to make these payments without incurring an underpayment penalty.

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Clean Vehicle Credits Expire September 30

Clean Vehicle Credits Expire September 30

by | Aug 4, 2025 |

If you’ve been pondering the purchase of a new or used electric vehicle for yourself or your business, you may want to buy sooner rather than later to take advantage of available tax credits. Under the One, Big, Beautiful Bill Act (OBBBA), these credits won’t be available for purchases made after September.

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Tax Tips for August 2025

Tax Tips for July 2025

by | Jul 25, 2025 |

Click on the links below to jump to each section in this article: The Tax Impact of Business Bartering Sending the Kids to Day Camp this Summer? Combine a Business Outing with Tax Breaks   The Tax Impact of Business Bartering Bartering is simply the exchange of services or property, and it’s a taxable event. For example, if a computer consultant trades services with an advertising agency, each must report income equal to the fair market value of the services they received, typically the amount the service provider would normally charge. The rules are similar when property is part of the exchange. For example, if a construction company accepts unsold inventory as payment, it must report income equal to the inventory’s fair market value. Some businesses participate in barter clubs...

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Closing a Business? Here’s How to Stay on Top of Your Tax Duties

Closing a Business? Here’s How to Stay on Top of Your Tax Duties

by | Jul 9, 2025 |

Businesses close for various reasons. Perhaps you’re ready to embark on a welcome change such as retirement or launching a new venture. Or maybe it just no longer makes financial sense to continue operating your current business. Whatever the reason, closing your business is a significant milestone, and part of wrapping things up means taking care of a few tax responsibilities.

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You May Owe the “Nanny Tax” Even Without a Nanny

You May Owe the “Nanny Tax” Even Without a Nanny

by | Jul 1, 2025 |

Don’t let the name “nanny tax” fool you. It’s a tax that applies to the wages of a variety of types of household help you hire, such as a nanny, gardener or housekeeper. Hiring extra help can ease the burden of home-related tasks, especially in the summer when the kids are home or the garden needs attention. Unless the worker is an independent contractor, you may be liable for federal payroll tax and other taxes (including state tax obligations).

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Tax Tips for August 2025

Tax Tips for June 2025

by | Jun 23, 2025 |

Click on the links below to jump to each section in this article: Marriage and Taxes: Key Changes After Saying 'I Do' Sending the Kids to Day Camp this Summer? Combine a Business Outing with Tax Breaks   Marriage and Taxes: Key Changes After Saying 'I Do' It may not be as fun to plan as the wedding venue, invitations and attire, but marriage can result in changes affecting essential tax issues that need prompt attention following the wedding: Name. If your name has changed, report it to the Social Security Administration (SSA) so that the name on your Social Security card matches the name on your tax return. To make this change, file Form SS-5, “Application for a Social Security Card,” available from www.ssa.gov. Tax withholding. Both spouses must furnish their employer(s) with new...

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