Tax Central – Page 24 – Fiducial Blog

You Can Expense Business IT Equipment Purchases

May 18, 2022

Businesses can now expense (write off as a deduction) IT equipment. However, it must be purchased and placed in service before the end of the year.

Corporate Business Owners Must Have “Reasonable Compensation”

May 9, 2022

Owners of incorporated businesses understand the tax advantage of paying compensation vs dividends. But rules exist for “reasonable compensation.”

Are You Cheating on Taxes? Here's What Could Happen

May 4, 2022

Cheating on your taxes has unpleasant consequences. These consequences include monetary penalties and the possibility of jail time for blatant cases.

Owe the IRS Money? How Long Is the Statute of Limitations?

May 2, 2022

For most taxpayers, the IRS has three years from the date of filing the returns to examine them. This period is termed the statute of limitations.

The Reverse Mortgage: A Cash Flow Solution for Seniors

April 29, 2022

Some retirees have a significant amount of debt and inadequate income. One solution for those with equity in their primary home is a reverse mortgage.

Estimated Tax Payments: Everything You Need to Know

April 27, 2022

Are your withholding and tax credits much less than your projected tax liability? Estimated tax payments can protect you from underpayment penalties.

Stepped-up Basis: Inheritances Enjoy a Special Tax Benefit

April 23, 2022

You may have heard the term “Stepped-Up Basis.” But what does it mean? Fiducial breaks it down in relation to many common inheritance scenarios.

Fringe Benefit Implications of Employer-Provided Cell Phones

April 18, 2022

An increase in remote workers has created new issues for employers. Should they provide workers with cell phones or let them use personal phones for work..