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June 8, 2021

Retiring soon? 4 tax issues you may face

C Corporation, Partnerships, Required Minimum Distributions (RMD), Retirement, S Corporation, Social Security, Tax Considerations of Selling Your Home, Tax Planning /

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts. […]

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Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

Business Deductions, Business Expenses, Business Meals and Entertainment, Small Business, Vehicle Expenses /

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting

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