Tax Knowledge

The Department of Labor Makes It Harder to Hire Independent Contractors

The Department of Labor Makes It Harder to Hire Independent Contractors

Does your business classify workers as independent contractors instead of employees? You should know that the U.S. Department of Labor is trying to make it harder for all businesses to use independent contractors.

What Happens When You Die and Your S Corporation Owns the Rental?

What Happens When You Die and Your S Corporation Owns the Rental?

You may own an S corporation with a rental property as its sole asset.

A common concern with this approach is what happens when the owner passes away, specifically regarding the step-up in basis.

IRAs for Young Adults

IRAs for Young Adults

As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs).

Turn Your Vacation—Even a Luxurious One—into Tax-Deductible Business Travel

Turn Your Vacation—Even a Luxurious One—into Tax-Deductible Business Travel

Here’s an idea: how about transforming your next vacation into business travel?

With careful planning, your transportation to any destination could be fully deductible. This includes airfare—even first-class—luxury hotel stays, and cruise expenses. If you can tie your travel to business purposes, you can enjoy substantial tax savings, depending on your tax bracket.

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