If a Series I bond is purchased from now through October 31, 2022, it can earn 9.62 percent for six months, guaranteed. The Treasury Department at the end of six months: adds the interest earned to the principal, and pays interest on the new principal balance at the new rate that is determined on November … Read more
Series I bonds pay 9.62 percent interest until the end of October 2022. Until the end of October 2022, it is possible to purchase Series I bonds that pay 9.62 percent interest. The 9.62 percent interest rate is applicable for 6 months from the time of purchase. The interest earned for the first six months … Read more
A like-kind exchange is a great idea, but when mistakes occur, a failed exchange places the seller in double trouble. One of the most tax-favored transactions is the like-kind exchange (also commonly called a 1031 Exchange). In a like-kind exchange, the sellers of real property may defer the gain of the sale of real estate … Read more
A business owner hired his 15-year-old daughter to work in his single-member LLC business. She is expected to be paid about $12,000 for the year. What are the benefits of paying her on a W-2 A single-member LLC is a “disregarded entity” for federal tax purposes. It is taxed as a sole proprietorship unless corporate … Read more
When the IRS noticed that gas prices across the country went beyond, $5.00 a gallon, it took action. Small businesses that use the standard mileage rate can now deduct 62.5 cents per business mile from July 1 through December 31, 2022. This means additional 4 cents a mile from 58.5. The next question is: what … Read more
The outright answer to the question above is not always clear, even if millions of American businesses legally organize themselves as limited liability companies (LLCs), partnerships, or similar entities. This article will try to provide the answer. What about General Partnerships? If two or more people own a business together and do not form another … Read more