Installment Sales Can Be a Win-Win for Buyers and Sellers
For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is deferred until after the end of the tax year in which the sale occurs. This setup can be beneficial for a buyer that doesn’t have enough available cash to immediately pay the full purchase…
Do You Qualify for Head of Household Status?
The head of household (HOH) federal tax filing status is often misunderstood by taxpayers who might qualify, including single, divorced or legally separated parents, and taxpayers who support adult family members. However, it’s worth exploring, because you could reap substantial savings at tax time. Benefits of HOH Status The IRS enumerates several advantages from qualifying…
6 Factors to Classify Workers as Employees or Independent Contractors
In January 2024, the U.S. Department of Labor (DOL) issued its long-awaited final rule related to employment status under the Fair Labor Standards Act (FLSA). The new rule carves out six key factors to be analyzed in determining whether a particular worker should be treated as an independent contractor or an employee. Background For instance,…
Key Rules for Home Office Deductions
Do you work from home all or part of the time? If you’re self-employed and meet certain requirements, you can write off a portion of your home office expenses, even if you perform work at other locations. The deduction may be based on the actual expenses you’re able to substantiate — or it may be…
Qualified Business Income (QBI) Deduction: Use It or Lose It
The qualified business income (QBI) deduction is available to eligible individuals through 2025. After that, it’s scheduled to disappear, unless Congress passes legislation to extend it. With 2024 underway, it’s now use-it-or-lose-it time for the write-off. Here’s what you need to know to cash in on the QBI deduction. The Basics The QBI deduction can…
Dos and Don’ts for Business Expense Deductions
As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is through business expense deductions, but not every such expense is deductible. Here’s what to know about the expenses that you can — and can’t —…
Can You Claim Your Parent as a Dependent?
If you pay over half the cost of supporting a parent, your parent is considered your dependent for federal income tax purposes. This treatment potentially entitles you to some significant tax breaks. Here are four potential benefits to consider when you file your 2023 federal income tax return. 1. Head of Household Filing Status For…
Nonprofit State of the Union: 2024 Industry Update for Tax-Exempt Organizations
Join GRF to kick off 2024 with a webinar exploring the outlook for nonprofits and associations. Our presenters will discuss the priority areas of focus that every organization should address in 2024 including implementation of new ASUs, identifying top risks, impacts of AI, anticipating tax changes, and best practices to consider for the new year….
New Corporate Transparency Act Reporting Rules: What You Need to Know
New reporting rules go into effect on January 1, 2024, under the Corporate Transparency Act. This law, enacted in 2021, will require many small businesses to provide new details about beneficial owners who control the company. Hefty civil and criminal penalties may apply for failure to comply. Here’s a brief overview of the requirements.