Federal Income Tax
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A tax-smart way to develop and sell appreciated land
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for…
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Benefits of a living trust for your estate
You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023…
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The IRS clarifies what counts as qualified medical expenses
If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions…
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The tax advantages of hiring your child this summer
Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have…
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Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards…
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Key tax issues in M&A transactions
Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A transactions in North…
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