MBA News

Promoting non-supervisory employees to management roles can be a morale-booster for the promoted employee, and for others. Seeing a fellow employee move up the ladder gives coworkers reason to expect that, someday, they could rise to that level as well. Also, homegrown talent can... Continue Reading

The Internal Revenue Code offers two federal income tax credits for post-secondary education expenses: the American Opportunity credit, and the Lifetime Learning credit. (See “The Basics of Higher Education Credits” at right.) While these credits aren’t new, you... Continue Reading

IRS examiners usually do their homework before meeting with taxpayers and their professional representatives. This includes reviewing any relevant Audit Techniques Guides (ATGs) that typically focus on a specific industry or audit-prone business transaction. Though designed to... Continue Reading

Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is likely a good idea. Benefits beyond a... Continue Reading

What triggers an IRS tax audit? While the IRS isn’t about to publish a list, there are a number of items that are known to raise the IRS’s interest in a return. What are your chances of being audited? For individuals, it depends on your income. In fiscal year 2013,... Continue Reading

There are still other ways to earn income that is free from federal income tax. With the various tax increases that have taken effect in recent years, tax-free income opportunities are more valuable than ever. Here are 10 other sources of non-taxable income. 1. Gifts and... Continue Reading

If you own a profitable, unincorporated business with your spouse, you’re probably fed up with high self-employment (SE) tax bills. An unincorporated business in which both spouses are active is typically treated as a partnership that’s owned 50/50 by the spouses — or... Continue Reading

Bonuses: They’re not just for senior executives anymore. Many companies now offer performance-based incentives to rank-and-file personnel, too. But serious problems can occur when these incentives are too strong, poorly designed or insufficiently monitored. For example, in... Continue Reading

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic... Continue Reading