Brady Ware News

Calculating Personal Casualty Losses

Calculating Personal Casualty Losses Damages to personal-use property can quickly add up, but the full amount of the loss isn’t deductible for federal income tax purposes. To calculate the casualty loss deduction for personal-use property in an area declared a federal disaster, you must take the following three steps: Subtract any insurance proceeds. Subtract $100…

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Tax Court Thwarts Use of Rule 155

Tax Court Thwarts Use of Rule 155 to Raise New Issues In Vento et al., a case decided in February, the U.S. Tax Court has held that the taxpayers involved couldn’t use Tax Court Rule 155 to raise new issues in litigation where they were denied foreign tax credits under Internal Revenue Code Section 901…

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What happens to your ownership interest if you get divorced?

Tax Issues to Consider When Small Business Owners Get Divorced For many small business owners, their ownership interest is one of their biggest personal assets. What will happen to your ownership interest if you get divorced? In many cases, your marital estate will include all (or part) of your business interest. Sometimes, divorcing spouses continue…

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Should My Company Halt 401(k) Matches?

Should My Company Halt 401(k) Matches? Q. My company is considering suspending the employer 401(k) matching plan. Our sales are down and it has become difficult to make the matching contributions. Ending them just seems to be a no-brainer. But is this a wise move? And how easy is it to do? A. It’s easy…

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Minimum Wage Increases Considered

Minimum Wage Increases Are Being Considered Across the Country The minimum wage remains a popular issue for legislators on a federal, state and local level. Recently, a bill was introduced in both the U.S. House and the U.S. Senate titled the “Raise the Minimum Wage Act of 2019.” Since 2009, the federal minimum wage has…

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