Author Archives: Cordasco
You may have loads of student debt, but it may be hard to deduct the interest
More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If you have student loan debt, you may wonder if you can deduct the interest you pay. The answer … Continue reading
What’s the future of 2021 tax legislation and impact on tax planning?
If you have been following the news, Congress is on a collision course with passing sweeping tax legislation before year end. As the House of Representatives begins to draft the outline of a $3.5 trillion spending bill all eyes are … Continue reading
What will happen with Capital Gains Tax?
This has been one of the major topics of discussion in 2021. President Biden proposed that the current capital gains rate be increase from a preference 20% rate to ordinary income tax rates at a maximum rate of 39.6%. This … Continue reading
There’s currently a “stepped-up basis” if you inherit property — but will it last?
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” … Continue reading
Getting a new business off the ground: How start-up expenses are handled on your tax return
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this … Continue reading
Getting a divorce? Be aware of tax implications if you own a business
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. … Continue reading
Is an LLC the right choice for your small business?
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it … Continue reading
The deductibility of corporate expenses covered by officers or shareholders
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue … Continue reading
Financial statements: Take the time to read the entire story
A complete set of financial statements for your business contains three reports. Each serves a different purpose, but ultimately helps stakeholders — including managers, employees, investors and lenders — evaluate a company’s performance. Here’s an overview of each report and … Continue reading
Getting a new business off the ground: How start-up expenses are handled on your tax return
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this … Continue reading