Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

estate tax basis planning

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death […]

Use an S corporation to mitigate federal employment tax bills

Concept of taxes paid by individuals and corporations such as VAT, income tax and property tax. Background for your business

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed at the painfully high rate of 15.3% on the first $160,200 of net SE income. This includes 12.4% for Social Security tax and 2.9% for Medicare tax. […]

That email or text from the IRS: It’s a scam!

tax scam

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly. Important: The IRS will never contact you by email, text […]

Thank You

Your request has been sent. A BMM team member will reach out to you shortly.