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How to Avoid the Early Withdrawal Tax Penalty on IRA Distributions

August 4, 2022

If you want to take money out of your traditional IRA before age 59½, you’ll generally have to pay an early withdrawal penalty on top of the regular income tax you’ll owe. But there are exceptions to avoid the penalty.

Senator Charles Grassley (R-IA) Has Introduced Legislation That Would Index Certain Tax Benefits to Adjust for Inflation

August 2, 2022

Senator Charles Grassley (R-IA) has introduced legislation that would index certain tax benefits to adjust for inflation.

The Kiddie Tax: Does it Affect Your Family?

July 28, 2022

Do your children have investment income? They may owe “kiddie tax.” Here are the basic rules.

Businesses: Act now to make the most out of bonus depreciation

July 26, 2022

If your business plans to purchase bonus depreciation qualifying property, take action soon to realize a valuable tax break.

Interested in an EV? How to Qualify for a Powerful Tax credit

July 21, 2022

Many people are thinking about buying electric vehicles because of their advanced technology, high gas prices and the fact there are more models available today. Along with factors like acceleration and the battery range, check out the federal tax break that may be available.

There Are Several Tax Incentives for Owning Residential Real Estate

July 19, 2022

There are several tax incentives for owning residential real estate. For example, eligible taxpayers can claim home mortgage interest deductions and property tax deductions. The Joint Committee on Taxation has prepared a report that details the tax incentives for residential real estate, including those for rental housing.

Big Sales Tax Changes for Indiana Nonprofits: What You Need to Know

July 18, 2022

There are changes to how Indiana sales tax affects nonprofit organizations. These changes went into effect on July 1, 2022. Indiana’s Information Bulletin #10 outlines these changes in detail, but we have included the biggest changes in this article.

Take a Balanced Approach to Retirement and Estate Planning Using a Split Annuity

July 14, 2022

A split annuity might be the right strategy for you if you wish to maintain a certain standard of living in retirement while also preserving wealth to pass on to your family.

How Do Taxes Factor into an M&A Transaction?

July 12, 2022

Buying or selling a business may be the most critical transaction you ever make. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Here are some considerations.

2022 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

July 7, 2022

If you’re a business owner or executive, you might be taking it a little easy this summer. But don’t take it so easy that you forget about these third-quarter tax deadlines.

The GST Tax and Your Estate Plan: What You Need to Know

July 5, 2022

If you’re considering making gifts to, or for the potential benefit of, your grandchildren or other “skip persons,” you’d be wise to account for the generation-skipping transfer (GST) tax in your estate plan.

Businesses Will Soon Be Able to Deduct More Under the Standard Mileage Rate

June 30, 2022

Business owners: Are high gas prices getting you down? The IRS is providing some relief by raising the optional standard mileage rate for the last six months of 2022.

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