Tax Articles

Implementing these year-end strategies might reduce your 2024 tax liabilities.

If you’re a small business owner, travel deductions can significantly reduce your taxable income. Here’s how to make the most of them.

As election results become more clear, so does the potential impact of tax law changes.

As Election Day nears, the presidential candidates have promised a variety of tax cuts. Here’s where they stand so far.

More than 32 million U.S. businesses are required to file beneficial ownership information (BOI) reports this year, but the clock is ticking.

Changes are coming to the Social Security system in 2025 in the form of a higher wage base, which was recently announced by the Social Security Administration. Here’s what it means for your business.

It’s been an especially difficult year for victims of natural disasters, including those affected by Hurricane Milton and Hurricane Helene. Taking advantage of the casualty loss deduction can help ease the financial pain.

When you buy a house, can you deduct seller-paid points on your tax return? Here are the rules.

Guaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addressed in your partnership or LLC operating agreement.

Construction businesses that work on clean energy projects may have some great opportunities ahead. Here’s a look at the substantial tax incentives involved.

With 2025 closing in fast, here are year-end moves to consider that may help your small business save on taxes.

Not every type of gain or income is subject to federal income tax.

If you’re the owner of a pass-through entity, the federal income tax rules for gains from the sale of business real estate or vacant land may be more complex than you imagined.

Disability income may or may not be taxable by the federal government. Here are the basic rules.

A proposed change by the Financial Accounting Standards Board would create a standardized method for public and private companies to report government grants.

The IRS has brought back a program that allows businesses to repay wrongfully gained employee retention credit money and avoid penalties.

Getting a divorce can be an agonizing process. You don’t want to make it worse by making decisions that will cost you more in taxes. Here are six issues to consider if you’re getting a divorce.

For most business co-owners, the value of their business shares comprises a big percentage of their estates. Having a buy-sell agreement protects co-owners and their heirs and helps avoid hassles with the IRS.

The federal estate tax exemption is $13.61 million, so now is the time to think about saving income taxes for your heirs rather than worrying about estate taxes.

There are many tax implications to consider in the sale of business property, and they can be complex.

Here’s a strategy for older taxpayers who are charitably minded and also must take required minimum distributions from their traditional IRAs.

Even if your business is established and on solid ground, don’t overlook the potential value of a detailed business plan.

There are several factors to consider when converting from a C corporation to an S corporation. Here are four of the tax issues you may face.

Investing in mutual funds is popular, but selling shares may result in complicated tax matters. Here are the rules.

If you’re 62 or older and own a highly appreciated house, a reverse mortgage may provide a way to stay in the home for your lifetime, gain extra income, and receive a tax-saving bonus.

There are a number of different hobbies that some taxpayers turn into businesses. Here’s how they can protect tax breaks on their tax returns.

Comprehensive financial reporting often isn’t a priority for many dental practices, but it’s a growing necessity in a competitive marketplace.

New federal rules regarding overtime pay and noncompete agreements have recently been approved.

If you’ve inherited an IRA, you need to know about the latest IRS guidance.

Two members of Congress recently announced the formation of 10 committee tax teams, each of which will address key tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) that are set to expire in 2025.

The IRS has offered guidance on the tax treatment of energy efficiency rebates introduced by the Inflation Reduction Act.

The state’s decision to remove the property value option – or “alternative base” – from Tennessee’s franchise tax is expected to provide $1.55 billion in refunds for about 100,000 businesses.

In some parts of the United States, rental property is a hot commodity. If you’ve considered getting into the race by turning your house into a rental, consider the ups and downs of being a landlord.

Once your 2023 tax return has been filed, you can breathe a sigh of relief. But there still may be tax issues to consider, including three at the top of the list.

Businesses typically adopt one of two common accounting standards – either U.S. Generally Accepted Accounting Principles (GAAP) or tax-basis reporting accounting – to prepare their financial statements. Knowing the differences is crucial to decide which is best for you.

The April 15 tax deadline is approaching, but what if you’re not ready to file? There are simple steps to avoid steep penalties.

The SECURE 2.0 law includes good news about required minimum distributions from tax-favored retirement accounts. But an earlier law contained bad news for certain beneficiaries of inherited retirement accounts.

Many retirees are surprised to find out that some of their Social Security benefits are hit with federal income tax. Don’t be one of them.

The qualified business income (QBI) deduction is scheduled to disappear after 2025. Congress could extend it, but don’t count on it. Here’s what you need to know to make the most of it while you can.

The deadline to comply with a new U.S. Department of Labor rule regarding worker classification is March 11.

Even if your startup business has little or no income tax liability, you may be eligible for a payroll tax credit election for increasing research activities. This tax break got better under the Inflation Reduction Act.

As the manufacturing landscape continues to evolve and globalization continues to shift, many industrial businesses are assessing how mergers and acquisitions (M&A) will fit into their strategy.

Many new ventures start out as sole proprietorships. Here are nine considerations if you’re operating a business that way.

Many employers who sought the employee retention credit aren’t even aware that they’re at risk of penalties and steep fines for making fraudulent claims. The IRS says these signs might help.

Is it better for a married couple to file a joint tax return or file separately? The answer: It depends.

There’s a new benefit plan that businesses can offer as an employee perk: pension-linked emergency savings accounts. Here’s how they work.

You might not think your 21- or 22-year-old child is subject to a “kiddie tax,” but the IRS disagrees. Don’t let the tax rules catch you by surprise.

When will 1099 forms arrive? When is the best time to file a tax return? Here are answers to the most common questions heading into tax season.

If you own a business where your staff receives tips, you might qualify for a lucrative tax break.

A new program and IRS form will allow businesses to pay back money and avoid penalties resulting from wrongful ERC claims.

The real estate market can be tricky, but there’s still big profit potential on business property. In these cases, a “like-kind” exchange may be attractive when selling commercial or investment real estate.

Residents of Davidson, Dickson, Montgomery, and Sumner counties qualify for special IRS exemptions as a result of the early December storms.

Making repairs and making improvements to your business might produce the same results, but they’re nothing alike when they’re listed on your 2023 tax return.

There’s a great tax perk that allows businesses to deduct employee bonuses this year but doesn’t tax the employee until next year. Unfortunately, that rule doesn’t always apply.

Dealing with the unexpected is part of business, and depending on the timing and situation, it can throw a big wrinkle into a company’s financial reporting.

It’s not just Santa who’s watching this time of year — so is Uncle Sam. To stay off his naughty list, remember which types of holiday joy are taxable and which aren’t.

There aren’t a lot of options to change your tax situation as the year winds down. Here’s a look at four that could still save you money.

If you’re strapped for cash, you might see the money sitting in your traditional IRA as a good solution. But if you’re under age 59½, pulling money from your IRA can come with a hefty penalty.

Even with a newly extended deadline, many businesses appear unprepared to provide “beneficial owner” information to the Financial Crimes Enforcement Network.

New Form 1099-K requirements have been delayed for a second year, giving online sellers a brief reprieve.

For many flexible spending accounts, the deadline is approaching to either use the funds or lose them.

More businesses, corporations, and partnerships must file electronically starting January 1 as the IRS moves to reduce paper filings.

The holiday whirlwind has begun, but don’t ignore a few potential ideas for your small business to save on 2023 taxes.

If your child is fortunate enough to get a scholarship, is the amount taxable income? For some, yes, but there’s good news for most families.

Making time for year-end tax planning time now may prove beneficial come tax-filing time next year.

Standard deductions and limits on the alternative minimum tax, earned income tax credit, and HSA contributions are among changes that will affect filings in 2025.

Special per diem rates designed to simplify business expense reporting went into effect October 1 for the upcoming fiscal year. But the new rules come with a variety of restrictions and caveats.

Does your employer offer a 401(k) plan, but you haven’t started participating? Here are the basic features of these plans to illustrate why you should strongly consider it.

Finding nursing home care for an elderly parent can be stressful and emotional even before finances come into the picture. But when that time comes, it might help to remember a few tax breaks that can help ease the financial strain.

The earnings cutoff to determine who pays Social Security tax will expand by more than $8,000 next year.

New guidance will require that a joint venture must initially measure its assets and liabilities at fair value on the formation date.

It’s common practice to deduct business expenses on tax returns. But to be deductible, expenses must be ordinary, necessary, and reasonable. Here are the rules.

Higher-income taxpayers can face the additional net investment income tax if gross income totals reach certain six-figure levels. It’s important to know how the tax is calculated and planning strategies that can soften the tax hit.

Identifying related parties is just one of many parts that go into preparing financial statements. Here’s why they matter, why auditors give them scrutiny, and how to avoid the risks that often accompany them.

Healthcare organizations have significant financial incentives to capitalize on tax credits available from the IRA when investing in clean energy assets.

Many companies offer health savings accounts to their employees. You might also be able to open one of these tax-saving accounts through certain banks and other financial institutions. Here are the basic rules.

With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through the end of 2023.

Buying or selling a business? It may be the most important transaction you ever make, so it’s important to understand the tax implications as you negotiate.

The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and employees alike. The IRS has now provided guidance.

Make the most of estate and gift tax exemptions now before deduction limits change in 2026.

Inflation hasn’t been all bad news for business owners. One significant upside is that the amount of depreciation tax breaks for businesses has increased for 2023.

If your employer provides you with group term life insurance, it may add to your tax bill. It depends on the amount. Here are the rules.

Discover how the generation-skipping tax could impact your estate planning.

Scammers are hyping quick, easy money from the employee retention tax credit, but despite what you might hear in the slick advertisements, the IRS has a warning for employers.

Take a closer look at recent changes in tax accounting methods for cost recovery, losses, and more.

Tennessee’s annual sales tax holiday weekend is July 28-30, 2023, followed by a new three-month grocery tax holiday that starts August 1.

If you’re eligible and not making catch-up contributions to your retirement plan, you’re missing out on building more tax-favored savings.

Criminals keep coming up with new ways to try and steal information from taxpayers. Here are a few of their scams and how you can avoid them.

The Trust Fund Recovery Penalty is personally imposed on business owners and managers when employment taxes aren’t paid to the government. Here are the rules, along with two cases where individuals were held liable for the harsh penalty.

If your business has the option to deduct real estate expenses or depreciate them over several years, the decision might seem simple. But there are multiple factors to consider.

You’ve probably heard that probate should be avoided in estate planning. But what does that mean, and how is it done?

The guidance on classifying cash flows among operating, investing, and financing activities remains a gray area – even more confusing when transactions have aspects of more than one type of activity.

These days, more businesses are filling vacant positions and saving money by using independent contractors. Knowing the basic rules can keep you out of trouble with the IRS.

Don’t ignore tax planning as work slows and retirement gets closer. There could be a new set of tax challenges around the corner.

Even if you filed your 2022 tax return by the deadline, you might still have questions. We’re often asked about refund status, how long to keep records, and when an amended tax return should be filed. Here are the simple answers.

Tax law changes are coming for Tennesseeans, including a three-month grocery tax holiday, paid family leave tax credit for employers, and a host of other cuts to business and F&E taxes.

Middle market companies engaging in research and development activities face new challenges due to new Section 174 rules. Here are answers to some of the most common questions stemming from the new requirements.

Understanding new Section 174 rules is essential for business owners to prevent costly surprises and preserve cash flow.

The federal tax code encourages businesses to invest in historic buildings with a tax credit. Here are the ways it can help if your business moves or expands.

If your spring cleaning includes sending tax paperwork to the trash pile, think about the potential value of those documents if you’re involved in a future IRS audit.

Filing as a “head of household” instead of “single” could save you money when it’s time to file your taxes. Do you qualify?

Bank collapses in the U.S. aren’t common, but when it happens, it can be a harrowing experience for customers whose money is at risk. Limit your potential losses by remembering these key points of FDIC coverage.

Higher costs for labor and materials are still putting a chill on profitability for many construction companies. These eight steps might seem simple, but overlooking just one could cost you money.

Every business can be an innovator. The research tax credit is a way to reward that innovation, and it comes with an intriguing feature related to payroll taxes.

Misunderstanding the complex rules of tracking employee hours can lead to errors, confusion, and wasted hours. Here are a few ways to hold the line for your next construction project.

Feeling generous this year? There are a few rules to consider when you make charitable contributions and gifts to loved ones.

Moving closer to family and taking advantage of better weather are just two reasons you might retire to another state. Don’t forget to consider state and local tax implications before you plan a move.

Tennessee offers a variety of tax-saving credits. Do you know what’s available and how they could help your business?

A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.

Should you file your tax return as a single person, a married couple filing jointly, a “head of household” or some other status? Know what the federal tax filing statuses are and who can claim them.