Taxes
The Employer and Employee Tax Benefits of Group Term Life Insurance
Because employees are insured as a group, the overall cost is less expensive than it would be for individual policies.
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Ken Berry, Esq., is a nationally-known writer and editor specializing in tax and financial planning matters. During a career of more than 35 years, he has served as managing editor of a publisher of content-based marketing tools and vice president of an online continuing education company in the financial services industry. As a freelance writer, Ken has authored thousands of articles for a wide variety of newsletters, magazines and other periodicals, emphasizing a sense of wit and clarity.
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Taxes
5 Family-Based Income Tax Breaks
Families may be eligible for certain tax benefits along the way. Here are five of the main tax breaks on the books.
Taxes
Employers Can Get a Tax Benefit for Providing Gym Access
Although this tax break has been on the books for decades, several special rules may come into play.
Taxes
Tax Benefits of 2023 Year-End Charitable Gifts
Keep this tax break in your hip pocket as the year winds down.
Financial Planning
New Employer Rules for 401(k) Catch-Up Contributions
The new SECURE 2.0 law adds another layer, beginning in 2025, for participants who are age 60 through 63.
Income Tax
How to Get a Tax Break for Temporary Work Assignments
The IRS often views business travel expense deductions with a healthy dose of skepticism. Consult with your professional tax advisor to ensure you’re on firm ground.
Income Tax
4 Ways to Deduct Commuting Costs from Taxes
To qualify for transportation deductions, you must be traveling away from your tax home to a business location.
Benefits
Year-End Moves for Flexible Spending Accounts
If your company doesn’t offer either option, try to empty out your account before January 1.
Income Tax
How to Avoid the "BIG" Tax on S Corp Conversions
The BIG tax often catches business owners by surprise. Fortunately, however, you may be able to avoid adverse tax consequences with some astute planning.
Taxes
Beware the Accumulated Earnings Tax
The accumulated earnings tax must be paid in addition to the regular corporate income tax. Despite recent threats by Congress to raise the ante, this penalty tax remains at the 20% rate.
Taxes
Tax Court Case Shows IRS Effort to Revoke Passports for Tax Debt
Under the 2015 Fixing America’s Surface Transportation (FAST) Act, the IRS can deny, revoke or limit a passport if you have a seriously delinquent tax debt.
Taxes
Four Income Tax Breaks for New Parents
You just welcomed a new bundle of joy into the world. But once the euphoria has worn off, you’ll start to realize—if you haven’t already—that kids are expensive.