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Tips to Help You Figure Out if Your Gift is Taxable
June 1, 2021
By: HintonBurdick
If you’ve given money or property to someone as a gift, you may owe federal gift tax, but in many cases, you will not. For example, there is usually no tax if you make a gift to your spouse or a charity. If you make a gift to someone else, the gift tax …
Changing Jobs? Don’t Forget About Your 401(k)
June 1, 2021
By: HintonBurdick
One of the most important questions you face when changing job is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let’s say you put in five years at your cur …
Tax Considerations When Selling Your Small Business
June 1, 2021
By: HintonBurdick
Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to ma …
Deductions for Food or Beverages from Restaurants
May 3, 2021
By: HintonBurdick
Beginning January 1, 2021, and extending through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are pr …
Recovery Rebate Credits May be Different than Expected
May 3, 2021
By: HintonBurdick
Some taxpayers who claim the 2020 Recovery Rebate Credit (RRC) on their 2020 tax returns are discovering that they may be getting a different amount than they expected. Let’s take a closer look at why this is happening. The first and second Economic Im …
Refunds for Nontaxable Unemployment Compensation
May 3, 2021
By: HintonBurdick
The IRS is automatically refunding money to eligible people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. Background Typically, when an individual receives unemployment compen …
Common Errors to Avoid When Filing a Tax Return
May 3, 2021
By: HintonBurdick
While not all mistakes on tax returns cause delays in refunds, some do. As the May 17, deadline approaches, it pays to steer clear of the 10 tax return errors listed below. 1. Not using electronic filing. While this isn’t necessarily a mistake per se, …
File on Time – Even if You Can’t Pay
May 3, 2021
By: HintonBurdick
Generally, taxpayers should file their tax return by the deadline even if they cannot pay the full amount due, but if you can’t there are several options. Let’s take a look at a few scenarios: 1. An individual taxpayer owes taxes, but can’t pay in full …
Deducting Business-Related Car Expenses
May 3, 2021
By: HintonBurdick
If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. There are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of op …
Avoiding Tax Surprises When Retiring Overseas
May 3, 2021
By: HintonBurdick
Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinat …
