Navigating W-2 and Section 105-HRA for Family Medical Costs
If you employ your spouse in your business and use a Section 105-HRA to deduct family medical expenses, you may be wondering whether issuing a W-2 is necessary. The good news from a tax law standpoint, a W-2 is not required. IRS guidance and court decisions confirm that medical reimbursements under a properly structured Section […]
Navigating Section 267 in Family Transactions and Tax Planning
Family relationships and overlapping ownership can quietly sabotage well-intentioned tax planning. Internal Revenue Code Section 267 often causes the damage. This rule does not announce itself with penalties or warnings. Instead, it erases deductions, disallows losses, and delays expenses after the transaction feels complete. Section 267 targets transactions between related parties. The law focuses on […]
2025 Tax Planning Guide: Life and Family Considerations
Are you thinking of getting married or divorced? If so, consider December 31, 2025, in your tax planning. It’s crucial for marriage and family tax strategies. Here’s another planning question: Do you give money to family or friends (other than your children, who are subject to the kiddie tax)? If so, you need to consider […]