Nobody wants to spend their whole life looking over their shoulder, wondering if they’re going to be audited by the IRS. Luckily, there is a statute of limitations on IRS audits and tax assessments. This time period is called the Assessment Statute Expiration Date (ASED). <a href="https://privatetaxsolutions.com/tax-tips/what-happens-when-you-die-and-your-s-corporation-owns-the-rental/" class="more-link" rel="bookmark">Read More</a>
If you run your business as a regular C corporation, beware of the accumulated earnings tax (AET). The IRS can use the AET to penalize C corporations that retain earnings in the business rather than pay them to shareholders as taxable dividends. When retaining earnings, the C corporation first pays the corporate tax of 21 percent on those earnings. <a href="https://privatetaxsolutions.com/tax-tips/avoid-the-hidden-dangers-of-the-accumulated-earnings-penalty-tax/" class="more-link" rel="bookmark">Read More</a>
Nobody wants to spend their whole life looking over their shoulder, wondering if they’re going to be audited by the IRS. Luckily, there is a statute of limitations on IRS audits and tax assessments. This time period is called the Assessment Statute Expiration Date (ASED). <a href="https://privatetaxsolutions.com/tax-planning/how-long-does-the-irs-have-to-audit-your-returns/" class="more-link" rel="bookmark">Read More</a>
You can accumulate federal income-tax-free earnings with a Section 529 college savings plan account. Then, you can take federal-income-tax-free withdrawals to cover qualified education expenses, usually for college. <a href="https://privatetaxsolutions.com/tax-planning/options-for-overfunded-529-college-savings-accounts/" class="more-link" rel="bookmark">Read More</a>
If you're trying to decide between leasing and buying your next business vehicle, one question is probably foremost in your mind: Which option costs less? <a href="https://privatetaxsolutions.com/tax-planning/buy-or-lease-a-business-vehicle-which-costs-less/" class="more-link" rel="bookmark">Read More</a>
The Setting Every Community Up for Retirement Enhancement 2.0 Act, which we will call SECURE 2.0, became law in late 2022. SECURE 2.0 is the sequel to the original SECURE Act, which became law back in 2019. SECURE 2.0 includes a bevy of mostly taxpayer-friendly changes, including one that enhances the limits for retirement account catch-up contributions if you are age 60 to 63. <a href="https://privatetaxsolutions.com/tax-planning/adjusting-for-the-new-retirement-plan-catch-up-contribution-rules/" class="more-link" rel="bookmark">Read More</a>
