An “innocent spouse” may be able to escape tax liability
Tue, Sep 5, 2023

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can pursue either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other. This includes any tax deficiency that the IRS assesses after an audit, as well as any penalties and interest. But there may be relief. A brief sidebar addresses what to do about future returns.

Which business website costs are deductible?
Tue, Sep 5, 2023

Nearly every business needs a website, but it’s not always easy to determine which costs of running one are deductible. Fortunately, there are guidelines, and even IRS guidance, to follow. This article discusses both the hardware and software costs associated with a website.

Plan ahead for Health Savings Accounts in 2024
Tue, Sep 5, 2023

The IRS has released guidance that includes the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). This article lists the benefits, requirements, and contribution limits of HSAs for 2023 and 2024.

Safeguarding your critical documents
Tue, Sep 5, 2023

Every adult has a variety of critical documents that should be protected. This brief article discusses the importance of having a dependable safe or bank safe deposit box in which to store key documents, and even cash, in case of a major disaster.

Your estate plan: Don’t forget about income tax planning
Tue, Aug 1, 2023

As a result of the current estate tax exemption amount ($12.92 million in 2023), many people are no longer concerned with federal estate tax. This article points out that before 2011, a much smaller dollar amount resulted in many people attempting to avoid estate tax. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for heirs. A sidebar briefly looks at certain exclusions or discounts.

Weighing the pros and cons of LTC insurance
Tue, Aug 1, 2023

The COVID-19 pandemic and its aftermath have significantly affected our lives in many ways that are still playing out. For example, the pandemic has served as a reminder of how difficult an unexpected medical crisis may be to manage financially. This article explores the pros and cons of one potential safeguard against such risk: long-term care insurance.

A possible tax quirk of being a business partner
Tue, Aug 1, 2023

Business partnerships may include situations that give the partners pause. This article explains that in any given year, the partners may have been taxed on more partnership income than was distributed to them. It notes that the cause of this quirk of taxation lies in the way partnerships and partners are taxed.

Compiling a marital balance sheet in divorce
Tue, Aug 1, 2023

Divorce is a difficult process for everyone involved. That’s why being clear and organized when it comes to finances can help facilitate the process. The first step is generally to compile a marital balance sheet. This brief article discusses this step and what it involves.