Posts by Caras & Shulman

Tax Tips for October 2024

Tax Tips for October 2024

by | Oct 1, 2024 |

Click on the links below to jump to each section in this article: An IRA Withdrawal Strategy with Tax-Reducing Power Factoring the QBI Deduction into Year-End Tax Planning for Your Business Added Protection for Your Personal and Financial Information   An IRA Withdrawal Strategy with Tax-Reducing Power As the year winds to a close, your chance to lower your 2024 tax bill also winds down. If you’re age 70½ or older, you may want to make a qualified charitable distribution (QCD) from your...

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Business Succession and Estate Planning Should Be Inseparable

Business Succession and Estate Planning Should Be Inseparable

by | Sep 20, 2024 |

If you’re a business owner, your company is likely your most valuable asset. To ensure it survives after you’re gone, you first need a succession plan that will provide a smooth transition of the business to one or more of your children (assuming you want to keep it in the family). In addition, you need an estate plan that effectively addresses the tax impact of transferring your ownership interests to the next generation.

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Tax Tips for October 2024

Tax Tips for September 2024

by | Sep 16, 2024 |

Click on the links below to jump to each section in this article: Medicare Premiums may Lead to Tax Savings Don't Wait Until the Last Minute to File Your Extended Return! An Employee Benefit with Possible Magnetic Power   Medicare Premiums may Lead to Tax Savings If you pay premiums for Medicare health insurance, you may be able to combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return. This includes amounts for...

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Tax Considerations When Choosing a Business Entity

Tax Considerations When Choosing a Business Entity

by | Aug 23, 2024 |

Are you in the process of starting a business or contemplating changing your business entity? If so, you’ll need to decide how to organize your company. Should you operate as a C corporation or as a pass-through entity such as a partnership, limited liability company (LLC) or S corporation? Among the important factors to consider are the potential tax consequences.

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Tax Tips for October 2024

Tax Tips for August 2024

by | Aug 1, 2024 |

Click on the links below to jump to each section in this article: Using an IRA Withdrawal for a Qualified Home Purchase Get a Jump on Tax Planning How to Deduct Business Travel   Using an IRA Withdrawal for a Qualified Home Purchase Purchasing a home is an expensive proposition that leaves many would-be buyers feeling cash strapped. If that’s you, you might be thinking about taking some money out of your traditional IRA to help fund the purchase. But should you? Afterall, a 10% penalty...

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Renting to Family Members

Renting to Family Members

by | Jul 22, 2024 |

As rents continue to rise in many areas, you may decide to help your financially challenged family members by renting a property to them at a discount. But this can lead to the loss of significant tax deductions. Here’s a look at the tax treatment that applies when you rent to unrelated parties and how the rules change when you rent to relatives.

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