Could captive insurance reduce health care costs and save your business taxes? If your business offers health insurance benefits to employees, there’s a good chance you’ve seen a climb in premium costs in recent years — perhaps a dramatic one. To meet the challenge of rising costs, some employers are opting for a creative alternative […]
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Yes, you can undo a Roth IRA conversion
Yes, you can undo a Roth IRA conversion Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover that you would […]
How to determine if you need to worry about estate taxes
How to determine if you need to worry about estate taxes Among the taxes that are being considered for repeal as part of tax reform legislation is the estate tax. This tax applies to transfers of wealth at death, hence why it’s commonly referred to as the “death tax.” Its sibling, the gift tax — […]
Put your audit in reverse to save sales and use tax
Put your audit in reverse to save sales and use tax It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim — so slim that many […]
Will Congress revive expired tax breaks?
Will Congress revive expired tax breaks? Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on. Back in December of 2015, Congress […]
Material participation key to deducting LLC and LLP losses
Material participation key to deducting LLC and LLP losses If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages. But they once also had a significant tax disadvantage: The IRS used to treat all LLC and […]
