A revocable living trust, or RLT, offers many benefits, including probate avoidance, privacy, and flexibility in managing assets during one’s life, incapacity, and death. However, despite their popularity as an estate planning tool, there are many misconceptions surrounding revocable trusts that lead to confusion and misunderstandings. Watch this video to learn about the top six misconceptions.
If your employees travel for work purposes, it’s important to understand the various methods of tracking and substantiating travel expenses so that you can maintain accurate records, control costs, and take advantage of potential tax benefits. Watch this video to learn about business travel expenses, per diem allowances, and how they affect employees and employers.
Trusts are an essential tool for estate planning, but their tax implications can be confusing. Understand the differences between revocable and irrevocable trusts, grantor and non-grantor trusts, and simple and complex non-grantor trusts to determine which trust is best for your unique financial situation and goals.
Looking to invest in energy-saving measures? Find out how the Inflation Reduction Act of 2022 has increased tax credits for energy-efficient home improvements and residential clean energy property. This article explains eligibility criteria and credit limitations to help taxpayers make informed decisions.
If you earn income as a freelancer, independent contractor, or from a side gig, you’ll likely do so as a sole proprietor or single-member LLC and report your income on a Schedule C. Learn more about these types of entities and the Schedule C in this article.
