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4 Ways to Withdraw Cash from a Corporation

November 5, 2021

Owners of closely held corporations often want or need to withdraw cash from the business. The simplest way, of course, is to distribute the money as a dividend. However, a dividend distribution isn’t tax-efficient because it’s taxable to the owner to the extent of the corporation’s earnings and profits. It also isn’t deductible by the …

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Is Disability Income Taxable?

November 1, 2021

Many Americans receive disability income. If you’re one of them or know someone who is, you may wonder whether it’s taxable. As is often the case with tax questions, the answer is “it depends.” Key factor The key factor is who paid the disability income (or who paid for the disability insurance funding the income). If the …

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The Tax Deductibility of Medical Expenses

October 15, 2021

Individual taxpayers may be able to claim medical expense deductions on their tax returns. However, the rules can be challenging, and it can be difficult to qualify. Here are six points to keep in mind: 1. You must itemize to claim this deduction.  To benefit from itemizing, your total itemized deductions must exceed your standard …

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