Reverse Mortgages

Reverse Mortgages

Individuals who are unwilling or unable to sell their home, and need additional income during retirement,may benefit from a reverse mortgage. Payments received on a reverse mortgage are not taxable to the individual. Tax-free Income. A reverse mortgage can be used to...
Employee or Independent Contractor?

Employee or Independent Contractor?

In order for a business owner to know how to treat payments made to workers for services, he or she must first know the business relationship that exists between the business and the person performing the services. A worker’s status determines what taxes are paid and...
Terminating Your S Corporation Election

Terminating Your S Corporation Election

Tax reform may have you thinking of changing your S corporation to a C corporation, partnership, or sole proprietorship. With such a switch, you need to consider: How do I terminate the S corporation election correctly? What are the tax consequences to me? If you want...
New IRS FAQs on Section 199A

New IRS FAQs on Section 199A

On April 11, likely after you filed your tax return, the IRS updated its Section 199A frequently asked questions (FAQs) by increasing the number of questions and answers from 12 to 33. The IRS often publishes FAQs on its website to help educate you on various tax law...