Category: Uncategorized


Ensuring a peaceful succession with a buy-sell agreement

A buy-sell agreement is a critical component of succession planning for many businesses. It sets the terms and conditions under which an owner’s business interest can be sold to another owner (or owners) should an unexpected tragedy or turn of … Read More »

August 23rd

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Coverdell ESAs: The tax-advantaged way to fund elementary and secondary school costs

With school letting out you might be focused on summer plans for your children (or grandchildren). But the end of the school year is also a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if the … Read More »


Are you leaving your IRA to someone other than your spouse?

An IRA can be a powerful wealth-building tool, offering tax-deferred growth (tax-free in the case of a Roth IRA), asset protection and other benefits. But if you leave an IRA to your children — or to someone else other than … Read More »

February 16th

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The “manufacturers’ deduction” isn’t just for manufacturers

The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies.

Sec. 199 deduction … Read More »

January 31st

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FAQs about Social Security Retirement Benefits

People approaching retirement age often have questions about benefits they may be eligible to receive from the Social Security Administration (SSA). Here are the answers to several common inquiries.

How Soon Can I Start Collecting Retirement Benefits?
If you want to receive … Read More »

December 2nd

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File early to reduce your risk of tax return fraud

With the well-publicized security breach at major retailer Target recently, identity theft is likely on your mind. And stolen credit isn’t your only risk.
In an increasingly common scam, identity thieves use victims’ personal information to file fraudulent tax returns electronically … Read More »

January 30th

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Will your exec comp be subject to expanded Medicare taxes?

Maybe. The following types of executive compensation could be subject to the health care act’s 0.9% additional Medicare tax:

Fair market value (FMV) of restricted stock once the stock is no longer subject to risk of forfeiture or it’s sold
FMV of … Read More »

October 24th

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Expiration date for home mortgage debt forgiveness rapidly approaching

Since 2007, homeowners have been allowed to exclude from their taxable income up to $2 million in cancellation-of-debt (COD) income ($1 million for married taxpayers filing separately) in connection with qualified principal residence indebtedness (QPRI). The exclusion had been available … Read More »


Kids going to day camp? You may be eligible for a tax credit

Day camp is a qualified expense under the child or dependent care credit, which is worth 20% of qualifying expenses (more if your adjusted gross income is less than $43,000), subject to a cap. For 2013, the maximum expenses allowed … Read More »

HOBERMAN & LESSER, LLP