Author Archives: Cordasco
11 Exceptions to the 10% penalty tax on early IRA withdrawals
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA … Continue reading
What types of expenses can’t be written off by your business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies … Continue reading
What you need to know about restricted stock awards and taxes
Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or all of their value if the price of the underlying … Continue reading
Contributing to your employer’s 401(k) plan: How it works
If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a great tax and retirement saving deal! These plans help an employee … Continue reading
The tax implications of renting out a vacation home
Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, you may want to rent it out for part of the … Continue reading
New per diem business travel rates kicked in on October 1
Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In … Continue reading
Tax Preparation vs. Tax Planning vs. Tax Strategy: What’s the Difference?
Now that tax season is behind us, we thought it would be beneficial to highlight the differences between tax preparation, tax planning and tax strategy. This should help you evaluate the level of services you may need for your specific … Continue reading
The Cordaco Compass
We are excited to introduce Rob Cordasco’s newest book. The Cordasco Compass is an extension of Rob’s first book, “A Framework for Growth“ A Framework for Growth looks at your business in a wider lens and focuses on organizational, financial, and … Continue reading
5 strategies to cut your company’s 2023 tax bill
As another year ends with interest rates and markets in flux, one thing remains certain: Reducing your company’s tax bill can improve your cash flow and your bottom line. Below are five strategies — including some tried-and-true and others particularly … Continue reading
The 2024 cost-of-living adjustment numbers have been released: How do they affect your year-end tax planning?
The IRS recently issued its 2024 cost-of-living adjustments for more than 60 tax provisions. With inflation moderating slightly this year over last, many amounts will increase over 2023 amounts but not as much as in the previous year. As you … Continue reading