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Debtors typically experience a feeling of relief when a creditor agrees to forgive their debt. But that feeling often is replaced by shock and confusion when they learn they owe taxes on so-called "cancellation of debt" (COD) income. Read on to learn the tax rules for COD income and how they might…
The following table provides some important federal tax information for 2023, as compared with 2022. Many of the dollar amount increases are higher than in past years due to inflation.
Is your business ready to tackle the challenges and opportunities that lie ahead in 2023? Financial statements show how a company has performed in the past. But historical data doesn't necessarily predict future performance, especially in an uncertain, volatile market. As part of your planning, it's…
On December 12, 2022, the IRS released Rev. Proc. 2023-8 containing long-awaited procedural guidance concerning the 2017 amendment to Section 174, which requires the capitalization and amortization of specified research or experimental (R&E) expenditures paid or incurred in taxable years beginning…
Many self-employed individuals are eligible to make annual contributions to Roth IRAs, despite having healthy earnings from their businesses. But some haven't yet taken advantage of this retirement saving strategy. Making annual Roth contributions can have a big upside by allowing you to accumulate…
For many people, December 31 means a New Year's Eve celebration. However, from a tax perspective, it means thinking about the filing status you'll use when filing your tax return for the year. The one you use depends partly on whether you're married on that date.
How inventory is accounted for can have a significant impact on your tax bill if your business involves the production, purchase or sale of products. In some cases — particularly during periods of high inflation and stable inventory levels — adopting the last-in, first-out (LIFO) method could…