Time may be running out — again — for tax-free treatment of home mortgage debt forgiveness
Income tax generally applies to all forms of income, including cancellation-of-debt (COD) income....
Documentation is the key to business expense deductions
If you have incomplete or missing records and get audited by the IRS, your business will likely...
Business or Hobby Income?
It’s important to distinguish between what is considered a hobby activity and what is considered a...
Vacation home should keep families together, not tear them apart
A shared family vacation home can be a great place for family bonding. And a little estate planning...
Climbing the “hierarchy of needs” to find employee engagement
In 1943, psychologist Abraham Maslow set out his “hierarchy of needs.” This theory suggested that...
Tax impact of investor vs. trader status
If you invest, whether you’re considered an investor or a trader can have a significant impact on...
Are frequent flyer miles ever taxable?
If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to...
The IRS can reclassify S corporation distributions as wages
If you run your business as an S corporation, you’re probably both a shareholder and an employee....
Charitable Real Estate Donations | Avoid Common Tax Traps
Did you know that the estate of director John Hughes donated the family’s Illinois mansion to a...
Use cause marketing to boost your nonprofit’s profile
Although corporations and not-for-profits have been teaming up for decades, “cause marketing”...