Andrew G. Klapac

Set up a Tax-Favored ABLE Account for a Family Member with a Disability

Today, most states offer programs that allow you to establish a tax-favored account to cover the qualified expenses of a family member with a disability. These programs were authorized under the Achieving a Better Life Experience (ABLE) Act of 2014, and Congress has subsequently passed legislation that sweetens the deal. Read on to learn how ABLE accounts work and the tax advantages they can deliver.  

Smart Tax Planning Pays Off

If you're financially successful or expect to become so, taxes are or will become one of your...

Updated Guidance on Business Vehicle Depreciation

The rules for deducting depreciation expenses on vehicles used for business purposes have been...

FAQs on the General Business Credit

The general business credit (GBC) may help certain small businesses cut their federal income tax...

Do You Qualify for the Favorable HOH Status?

The head of household (HOH) federal tax filing status is often misunderstood by taxpayers who might...

Does the Marriage Penalty Still Exist Today?

A couple's tax situation changes when they get married—for better or worse. Here are the most...

How Employer-Issued incentive stock options May Affect Your Taxes

Employer stock options are a potentially valuable asset for recipient employees, especially those...

Important Tax Figures for 2024

The following chart provides some important federal tax information for 2024, as compared with 2023:

Act Now to Leverage the Gift Tax Exclusion Before Year End

The gift tax exclusion is among the most valuable tools available to transfer assets to family and...

IRS Delays $600 Form 1099-K Reporting Threshold

Businesses and individuals concerned about the confusing 1099-K reporting requirements can breathe...