When an employee’s Form W-4 raises red flags
Your employees use Form W-4, “Employee’s Withholding Certificate,” to tell you how much federal income tax to withhold from their pay. Most forms are routine, but an altered certificate, unusual accompanying statement or IRS lock-in letter may require special handling. Knowing how to respond can help your business meet its withholding obligations without becoming involved […]
If your spouse died this year, should you file a joint federal tax return next April?
The death of a spouse brings significant personal and financial changes, including important tax considerations. One question surviving spouses face is how to file their federal income tax returns for the year of death. In many cases, a surviving spouse can file a joint return with the deceased spouse for that year, potentially preserving lower […]
Tax essentials for sole proprietors
Many small businesses start out as sole proprietorships. This structure is simple and inexpensive to establish and maintain — and it gives the owner direct access to profits without having to take formal distributions. But it also makes your taxes more complicated than when you were a W-2 employee. Here are some federal tax issues […]
A QPRT may be the right “home” for your primary or secondary residence
As property values continue to rise, homeowners with large estates may be looking for ways to preserve family wealth while minimizing future estate tax exposure. One strategy that may help accomplish these goals is a qualified personal residence trust (QPRT). QPRT specifics A QPRT is an irrevocable trust that allows you to transfer ownership of […]
Could the New Markets Tax Credit benefit your business?
Businesses in economically distressed communities often have difficulty obtaining capital for expansion, equipment, facilities and other investments. The New Markets Tax Credit (NMTC) encourages private investment in these underserved areas by offering federal income tax credits to qualifying investors. This credit was previously scheduled to expire on December 31, 2025. However, the One Big Beautiful […]
As a single parent, you need an estate plan that achieves these key objectives
According to a 2026 Worldmetrics report, there are between 14.5 and 15 million single-parent households in the United States. If your family falls into this category, it’s critical that your estate plan: Appoints a guardian. Your plan must designate a suitable, willing guardian to care for your children if the other parent is unavailable to […]