If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what is considered business travel deductions? Transportation expenses Transportation costs to and from the location of your business activity are 100% deductible as long as the primary reason for […]
Estate tax deferral offers relief to some business owners
If a substantial portion of your wealth is tied up in a family or closely held business, you may be concerned that your estate will lack sufficient liquid assets to pay estate taxes. In such cases, heirs may be forced to borrow funds or, in a worst-case scenario, sell the business in order to pay […]
Follow all rules when transferring assets to an irrevocable trust
Irrevocable trusts can provide a variety of benefits, including gift and estate tax savings, creditor protection, and the ability to control how assets are distributed. To preserve these benefits, however, it’s critical to respect all trust formalities. Case in point Here’s an example of just how critical this can be: In U.S. v. Tingey, a […]
There’s still time for homeowners to save with green tax credits
The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you still have time to save both energy and taxes by making these eco-friendly investments. What qualifies The credit is for expenses related to your […]
Couples with a noncitizen spouse play by different estate planning rules
Many traditional estate planning strategies are based on the assumption that everyone involved is a U.S. citizen. But if you or your spouse is a noncitizen, special rules apply that require additional planning. General rules If you’re a U.S. resident, but not a citizen, you’re treated similarly to a U.S. citizen by the IRS. You’re […]