Recent News & Blog / Individual Tax
The advantages of a living trust for your estate plan
If you own substantial assets, you may want to consider setting up a living trust to bypass the probate process. Discover how a living trust can help you avoid probate, protect your privacy and simplify the transfer of your assets. Contact our estate planning advisors and tax consultants with questions.
Planning a summer business trip? Turn travel into tax deductions
If you or your employees are heading out of town for business this summer, it’s important to understand the travel deduction tax rules. If a trip includes both business and personal time, only expenses related to the business portion (such as meals and lodging for business days) are deductible. Contact our tax advisors for guidance on what’s deductible in your situation.
Digital assets and taxes: What you need to know
Curious how your crypto, NFTs or stablecoins could impact your taxes? We break down what the IRS expects and how to stay compliant when reporting digital asset transactions. Contact our tax experts for help.
Being a gig worker comes with tax consequences
The gig economy offers flexibility, autonomy and a way to earn income, but it also comes with tax obligations that can catch many workers off guard. Whether you’re driving for a rideshare service, delivering food, selling products online, or offering local services like pet walking, it’s crucial to understand the tax implications of gig work to stay compliant and avoid costly surprises. Contact our tax advisors with questions.
The tax rules for legal awards and settlements: What recipients should know
If you receive a court award or out-of-court settlement, do you have to pay tax on it? The answer is … it depends. The way a settlement is structured can significantly affect your tax liability, making professional guidance essential. We can help you understand the rules, ensure proper reporting and potentially reduce your tax burden. Contact our tax advisors to discuss how a court award or out-of-court settlement may affect your taxes.
Still have questions after you file your tax return?
If you’ve successfully filed your tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are answers to some questions that we’re frequently asked about tax returns at this time of year.
The “wash sale” rule: Don’t let losses circle the drain
If you make an ill-fated investment in a taxable account, you may be able to harvest a tax-saving capital loss by selling the losing stock. However, for federal income tax purposes, the “wash sale” rule could disallow your tax loss. Contact our tax advisors with questions.
Understanding the “step-up in basis” when inheriting assets
If you inherit assets, they often come with a valuable tax benefit called the step-up in basis. Basis is what the owner paid for an asset, with some possible adjustments. At death, many capital assets (such as stocks, real estate and business interests) are generally stepped up to their fair market value (FMV) as of the date of death. The heir’s basis is the FMV, erasing the tax on any gain accumulated during the deceased person’s life. Contact our tax advisors with questions.
What tax records can you throw away?
After filing, you may want to do some spring cleaning and discard tax documents. But don’t throw away records you might need in the case of an IRS audit. Here are the rules. Contact our individual tax advisors with questions.
Tax record retention guidelines for individuals
What tax records can you toss once you’ve filed your return? The answer is simple: none. You need to hold on to all of your tax records for now. But it’s the perfect time to go through old tax records and see what you can discard.