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There’s currently a “stepped-up basis” if you inherit property — but will it last?

There’s currently a “stepped-up basis” if you inherit property — but will it last?

by Donald Bicking Jr. CPA, CTC | Nov 22, 2021 | Individual

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a...
Getting a new business off the ground: How start-up expenses are handled on your tax return

Getting a new business off the ground: How start-up expenses are handled on your tax return

by Jimmy Campoverde | Nov 19, 2021 | Small Business

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the...
Can taxpayers who manage their own investment portfolios deduct related expenses? It depends

Can taxpayers who manage their own investment portfolios deduct related expenses? It depends

by Diogo P. Azevedo | Nov 18, 2021 | Individual

Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment expenses for...
Who in a small business can be hit with the “Trust Fund Recovery Penalty?”

Who in a small business can be hit with the “Trust Fund Recovery Penalty?”

by Jimmy Campoverde | Nov 17, 2021 | Small Business

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes required to be withheld by a business from...
IRS audits may be increasing, so be prepared

IRS audits may be increasing, so be prepared

by Matthew Cadira, CPA | Nov 16, 2021 | Individual

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if...
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