Insights

A Brief History of the Income Tax

History of the Income Tax by Bob Green Bob Green is a licensed CPA in New York State and also happens to be the father of the TJT IT Director, Drew Green.  Bob allowed us to share an article he wrote recently on the history of income tax. Income taxes are a key factor...

Prime Points for Your Buy-Sell Agreement

Businesses with more than one substantial co-owner should have a buy-sell agreement. This agreement can help all parties when the inevitable happens, and one of the owners no longer can or will participate in the company as they had been. For the best result, your...

How Inherited Assets Differ From Gifts

When someone gives you cash or other valuable assets, do you owe income tax? No. The same is true if you receive an inheritance. The giver may owe gift tax and the decedent’s estate may owe estate tax but you, as the recipient, won’t owe income tax. The situation will...

Mixing Annuities and IRAs

According to the Investment Company Institute, 68% of households with IRAs have mutual funds in those accounts. That’s followed by individual stocks (41%), annuities (35%), and bank deposits (25%). Therefore, annuities are among the most common IRA holdings; they are...

Making Expense Accounts Accountable

Business owners who work for their company typically have expense accounts; the same usually is true for many employees. If your company has what the IRS calls an accountable plan, everyone can benefit from the tax treatment. The company gets a full deduction for its...