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 […]
Phillip Martin and David Thompson on the Carolina Business Leaders Podcast
Tune in to the Carolina Business Leaders Podcast as Cristina Waingart Gerrald sits down with Phillip Martin and David Thompson of Merline & Meacham to discuss estate planning, business legal planning, succession planning, and more!
Have concerns about a beneficiary mismanaging an inheritance? A spendthrift trust may be the answer
An important decision you must make when creating your estate plan is who’ll inherit your assets. While many of your beneficiaries are likely capable of managing an inheritance responsibly, others may be vulnerable to financial pressures, creditor claims, poor spending habits or other challenges that could erode the wealth you’ve worked hard to build. One […]
The new-and-improved credit for employer-provided child care
Offering a broad menu of employee benefits can help your business attract and retain skilled workers. One benefit that’s popular among employees with families is employer-provided child care. Although this option hasn’t been financially feasible for many small businesses, recent tax law changes may give you a reason to reconsider opening (or upgrading) a child […]
FAQs about resolving small business tax issues
Tax problems can happen to even the most organized small business owners. A cash flow crunch, an unexpected tax notice, a missed filing deadline or a payroll tax oversight can be stressful — especially when penalties and interest begin to add up. Fortunately, businesses can get back on track by addressing tax issues promptly and […]