If you asked me what my clients ask the most, you may be surprised to hear at the top of the list is “Why do I pay more taxes on more S corporation income than what I actually took in cash?” The answers lies in the way S corporations and their shareholders are taxed. [...]
When you travel on business for your company, you may earn frequent flyer miles or other promotional benefits, such as through rental cars or hotels. These promotional benefits can be exchanged for free or discounted travel, upgraded seating, travel services, etc. Even though the business trips are paid for by your employer, you may [...]
The tax basis for property an individual inherits is an important area and is too often overlooked when families start to put their affairs in order. Under the fair market value basis rules (also known as the “step-up and step-down” rules), the heir receives a basis in inherited property equal to its date of [...]