Timely Opportunities
Timely Opportunities
Timely Opportunities
Medicare Coverage: 2023 Premiums and Key Tax Considerations
Medicare health insurance premiums can add up — especially if you’re upper-income, married, and both you and your spouse pay premiums. Here are the basics of how Medicare health insurance works, including 2023 premium amounts and when you can deduct Medicare health insurance premiums on your tax return. Important: If you have a health savings […]
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Government Proposes Public Beneficial Ownership Register
As a part of its election platform promise, the government has released a consultation paper seeking views to implement a public register of beneficial ownership information to record who ultimately owns, controls, and receives benefits from a company or legal vehicle operating in Australia. The ultimate aim of this is to increase transparency, discourage the […]
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How to Swap Your Highly Appreciated Vacation Home Tax-Free
If you own a highly appreciated vacation home that you’re ready to unload, the sale will generate a large gain — and a sizable tax bill. However, if you’re still bullish on real estate and don’t need cash right away, there’s a way to minimize the tax hit. Instead of selling the property outright, you […]
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Double Your Tax Savings with Home Sale Gain Exclusion Plus Like-Kind Exchange
Although the residential real estate market has cooled off in many areas, the values in some locations are still at — or near — all-time highs. If you’ve owned your principal residence for a while, it may currently be worth a lot more than you originally paid for it. If you’re fortunate enough to be […]
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New Challenges of Using Remote Workers
The pandemic has changed workplace culture, probably forever. As events unfolded over the last few years, many employers shuttered their doors completely or scaled back to using only essential workers at their regular workplace. Remote workers became a commonplace occurrence rather than an unusual situation, even for traditional work-on-site businesses. Now that health conditions have […]
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Let’s Be Reasonable about Owners’ Compensation
Is it possible to have too much of a good thing? The IRS thinks so, at least in the context of compensation paid to business owners. If an owner’s compensation is deemed excessive, the IRS may dispute deductions for wages that are unreasonable under the circumstances. A recent U.S. Tax Court case shows that “reasonable […]
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Financial Reporting Check-Up: How Fiscally Fit Is Your Company?
Comprehensive financial statements prepared under U.S. Generally Accepted Accounting Principles (GAAP) include three reports: the balance sheet, income statement and statement of cash flows. Together these reports can be powerful diagnostic tools to help evaluate the financial well-being of a business. Moreover, by carefully analyzing them, you may be able to uncover potential money-management problems […]
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Do You Know the Tax Implications of Equity-Based Compensation?
Equity-based compensation often is associated with startup companies. But businesses in a cash crunch also might consider such awards in lieu of year-end cash bonuses. In addition to recognizing high performance, stock options and other types of equity-based compensation can boost retention. Before you jump in headfirst, it’s important to understand the different types of […]
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