Tax Articles

Identifying related parties is just one of many parts that go into preparing financial statements. Here’s why they matter, why auditors give them scrutiny, and how to avoid the risks that often accompany them.

Healthcare organizations have significant financial incentives to capitalize on tax credits available from the IRA when investing in clean energy assets.

Many companies offer health savings accounts to their employees. You might also be able to open one of these tax-saving accounts through certain banks and other financial institutions. Here are the basic rules.

With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through the end of 2023.

Buying or selling a business? It may be the most important transaction you ever make, so it’s important to understand the tax implications as you negotiate.

The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and employees alike. The IRS has now provided guidance.

Make the most of estate and gift tax exemptions now before deduction limits change in 2026.

Inflation hasn’t been all bad news for business owners. One significant upside is that the amount of depreciation tax breaks for businesses has increased for 2023.

If your employer provides you with group term life insurance, it may add to your tax bill. It depends on the amount. Here are the rules.

Discover how the generation-skipping tax could impact your estate planning.

Scammers are hyping quick, easy money from the employee retention tax credit, but despite what you might hear in the slick advertisements, the IRS has a warning for employers.

Take a closer look at recent changes in tax accounting methods for cost recovery, losses, and more.

Tennessee’s annual sales tax holiday weekend is July 28-30, 2023, followed by a new three-month grocery tax holiday that starts August 1.

If you’re eligible and not making catch-up contributions to your retirement plan, you’re missing out on building more tax-favored savings.

Criminals keep coming up with new ways to try and steal information from taxpayers. Here are a few of their scams and how you can avoid them.

The Trust Fund Recovery Penalty is personally imposed on business owners and managers when employment taxes aren’t paid to the government. Here are the rules, along with two cases where individuals were held liable for the harsh penalty.

If your business has the option to deduct real estate expenses or depreciate them over several years, the decision might seem simple. But there are multiple factors to consider.

You’ve probably heard that probate should be avoided in estate planning. But what does that mean, and how is it done?

The guidance on classifying cash flows among operating, investing, and financing activities remains a gray area – even more confusing when transactions have aspects of more than one type of activity.

These days, more businesses are filling vacant positions and saving money by using independent contractors. Knowing the basic rules can keep you out of trouble with the IRS.

Don’t ignore tax planning as work slows and retirement gets closer. There could be a new set of tax challenges around the corner.

Even if you filed your 2022 tax return by the deadline, you might still have questions. We’re often asked about refund status, how long to keep records, and when an amended tax return should be filed. Here are the simple answers.

Tax law changes are coming for Tennesseeans, including a three-month grocery tax holiday, paid family leave tax credit for employers, and a host of other cuts to business and F&E taxes.

Middle market companies engaging in research and development activities face new challenges due to new Section 174 rules. Here are answers to some of the most common questions stemming from the new requirements.

Understanding new Section 174 rules is essential for business owners to prevent costly surprises and preserve cash flow.

The federal tax code encourages businesses to invest in historic buildings with a tax credit. Here are the ways it can help if your business moves or expands.

If your spring cleaning includes sending tax paperwork to the trash pile, think about the potential value of those documents if you’re involved in a future IRS audit.

Filing as a “head of household” instead of “single” could save you money when it’s time to file your taxes. Do you qualify?

Bank collapses in the U.S. aren’t common, but when it happens, it can be a harrowing experience for customers whose money is at risk. Limit your potential losses by remembering these key points of FDIC coverage.

President Biden’s 2024 budget proposal includes a variety of changes that could impact taxes for individuals and businesses.

Higher costs for labor and materials are still putting a chill on profitability for many construction companies. These eight steps might seem simple, but overlooking just one could cost you money.

Purchasing a heavy SUV could provide a more generous tax break than a smaller vehicle for business owners.

If you want to help ensure your financial security in retirement, saving now is one of the best moves you can make. You might even have time to contribute to an IRA or SEP and save on your 2022 tax return.

If you’re a parent, you know that raising a family is expensive. Fortunately, there’s a federal child tax credit that can help you with the expenses if you know the latest rules.

With Republicans and Democrats splitting control of Congress after the midterm election, prospective tax legislation faces an uncertain path.

Breaking into a retirement plan before age 59½ may result in a penalty tax. But there are exceptions. Here are the rules, along with what happened to one taxpayer who tried to avoid the penalty because he had diabetes.

Higher inflation has led to increased adjustments to certain tax provisions. Here’s how much your employees can contribute to a 401(k) and an HSA this year, as well as other important business tax amounts.

Every business can be an innovator. The research tax credit is a way to reward that innovation, and it comes with an intriguing feature related to payroll taxes.

Don’t let important tax dates and deadlines catch you by surprise. Here’s a list of the biggest ones to remember in 2023.

Want to save more for retirement? You might be able to with the many changes in a new law signed in late December.

Tucked into the Consolidated Appropriations Act of 2023 is a package of enhanced retirement benefits, otherwise known as the SECURE 2.0 Act. Know what to expect as you head into the new year.

Whether you’re giving to charity or loved ones (or both) this holiday season, it’s important to understand the tax consequences of gifts.

The cost of college tuition has risen steeply in recent years, so it’s smart for families to begin saving early. One way to save on a tax-advantaged basis is with a 529 plan.

Many of us feel the squeeze of inflation, but what does this mean for your federal tax bill? Here’s what the inflation-adjusted amounts will be for several provisions in 2023 compared with 2022.

The end of the year is a good time to examine your portfolio for tax purposes. A few simple steps now could pay off later.

The employee retention credit was designed to help businesses offset pandemic-related losses, but bad advice is costing employers even more.

With the current federal estate tax exemption at $12.06 million, you may not be worried about estate taxes. But you should still think about saving income taxes for your heirs.

The Responsible Financial Innovation Act is the first major bipartisan legislation that would significantly change the way digital assets are regulated.

The federal government’s passage of the Inflation Reduction Act is a mix of new savings and new spending, and there’s a good chance that the bill – or at least some part of it – will affect you.

The IRS has increased the optional standard mileage rate by 4 cents per mile, its first mid-year mileage rate adjustment in 11 years.

If the value of your portfolio is down, you may want to turn the stock market downturn into a tax-saving opportunity. How? By converting a traditional IRA into a Roth IRA.

With housing and rental property in high demand in cities across the U.S., including Nashville, more and more homeowners are choosing to become landlords. But there are plenty of risks to go with the potential rewards.

There still may be tax-related issues on your mind after you file your 2021 return. Chief among them: which records can be discarded, how to check on your refund, and when to file amended tax returns.

Misunderstanding the complex rules of tracking employee hours can lead to errors, confusion, and wasted hours. Here are a few ways to hold the line for your next construction project.

Here are the things to know if you’ve considered converting your existing IRA to a Roth IRA.

How much can you contribute to a 401(k) plan for 2022? What’s the standard deduction? How much do you have to earn this year before you can stop paying Social Security on your salary? Here are answers to these and other tax-related questions for 2022.

Even if you usually don’t file until closer to the April deadline (or you file an extension), consider filing early. It can potentially protect you from tax identity theft.

If you received a Child Tax Credit or third-round Economic Impact Payment in 2021, watch your mailbox for a letter from the IRS – it will include key dollar amounts that you’ll need to complete your 2021 federal tax returns.

The early end of the employee retention credit surprised employers who had been underpaying payroll taxes in anticipation of the tax break. But there’s a collective sigh of relief after news from the IRS.

The massive federal infrastructure legislation recently signed into law includes a change in the way cryptocurrency transactions will be reported to the IRS starting in 2023.

Tax laws could change significantly in the coming weeks, but a few reliable year-end strategies should be at the top of your list as you look for ways to minimize your tax bill.

Congress has passed the Infrastructure Investment and Jobs Act after months of debate and negotiation. Find out what tax-related provisions have been built into the new law.

Feeling generous this year? There are a few rules to consider when you make charitable contributions and gifts to loved ones.

Moving closer to family and taking advantage of better weather are just two reasons you might retire to another state. Don’t forget to consider state and local tax implications before you plan a move.

The outcome of two big pieces of legislation remains uncertain as negotiations continue in Congress. Here’s a look at the proposed bills and the potential tax law changes that could affect you or your business.

Whether you win money gambling online, at a casino, or in a sports betting activity, there will be tax implications. For those who find luck on their side, here are the basic rules to know.

If you’ve been affected by one of the many natural disasters across the U.S. in recent months, a variety of tax-relief options could help provide much-needed relief.

If your business hasn’t already claimed the Employee Retention Tax Credit, now is the time to check on your eligibility. The money can help with the costs you incur in hiring and retaining employees during the pandemic.

If you have children age 17 or under, it’s critical to understand the recent changes made to the child tax credit.

If you received a PPP loan, important forgiveness deadlines are approaching quickly. Are you prepared?

Tennessee offers a variety of tax-saving credits. Do you know what’s available and how they could help your business?

Even after your 2020 tax return has been successfully filed, you might still have some questions about the return. Here are answers to three questions we’re frequently asked at this time of year.

What could President Biden’s tax proposals mean for you? Here’s a brief rundown of the American Families Plan.

If your practice has either a full or partial suspension of operations during any calendar quarter in 2020 or 2021 due to a government order, or a significant decline in gross receipts during any calendar quarter compared to the same quarter in 2019, you could be eligible.

The best choice of entity can affect your business in several ways, including the amount of your tax bill. Although S corporations can provide substantial tax advantages over C corporations in some cases, there are potential tax problems to assess before deciding to convert from C to S status.

Is your business taking full advantage of the Employee Retention Credit? Discover how you could make the most of the year-old ERC.

The IRS has pushed back the tax filing deadline to May 17 to help ease the burden on Americans dealing with economic upheaval caused by the COVID-19 pandemic.

Because the new American Rescue Plan Act is such an expansive piece of legislation, it’s likely that you, your family, or your business can benefit from it.

The Internal Revenue Service has provided guidance for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program.

The latest COVID-19-related stimulus bill, the American Rescue Plan Act, has passed and awaits signing by President Biden. What does this legislation mean for you individually or as an employer?

Medical and dental costs are expensive, and it’s hard to get a tax deduction for them. But you may qualify by including every eligible expense allowed. Here’s what it takes to get a deduction.

The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules to expand eligibility for the 100% forgivable PPP loans.

If you or your child attends or plans to attend college, you may be eligible for tax breaks to help foot the bill. The new Consolidated Appropriations Act made some changes.

Employee retention credits, PPP loans, business meal deductions, and deferred payroll taxes are just some of the provisions of the latest stimulus package that could affect your business.

Learn how provisions of the massive Consolidated Appropriations Act recently signed into law can benefit you and your family.

The IRS will open the 2020 individual income tax return filing season on February 12. Even if you usually don’t file until closer to the April 15 deadline (or you file an extension), consider filing early.

A massive new round of federal stimulus spending includes a PPP loan fix, new loan possibilities for small businesses, additional unemployment benefits, and $600 stimulus checks for individuals.

The IRS has issued more guidance to clear up the tax treatment of expenses when a loan from the Paycheck Protection Program hasn’t been forgiven by the end of the year.

Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you may find yourself with piles of tax-related documents. Here are some tax recordkeeping guidelines.

Interested in reducing your 2020 tax liability? There’s still time to take these year-end tax planning steps.

New SBA questionnaires request information related not only to the economic condition of the borrower at the time it received the PPP loan but also about its economic experience after receiving the loan.

Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you might fare.

The SBA and U.S. Treasury Department have issued a streamlined loan forgiveness application for businesses with Paycheck Protection Program loans of $50,000 or less. The measure further simplifies the loan forgiveness process.

As the United States heads into the final weeks of the presidential election race, taxes will be a popular talking point. Here is a look at the plans from both candidates.

If your child has been awarded a scholarship, congratulations! But be aware that there may be tax implications. Scholarships and fellowships are generally tax-free, but certain conditions must be met.

After paying into Social Security for all your working years, you may be surprised to learn that the benefits may be taxed in retirement. Here are the rules.

Are you self-employed and operate your business from home or perform certain functions at home that are related to your business? You might be able to claim home office deductions on your tax return.

The SBA has published a new interim final rule related to the Paycheck Protection Program created by the Coronavirus Aid, Relief, and Economic Security Act. The IFR addresses treatment of certain owner-employees and limitations on eligibility of certain non-payroll costs for loan forgiveness.

The Internal Revenue Service has issued guidance to help businesses implement the Presidential Memorandum issued August 8. The order allows employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount, but it left questions and concerns when it was announced.

Following complaints from taxpayers and lawmakers, the Internal Revenue Service has agreed to quit sending notices about unpaid taxes to taxpayers while it works through the backlog of millions of pieces of unopened mail that has accumulated at IRS facilities.

Using an executive action, President Trump has deferred payroll taxes from Sept. 1 through the end of 2020. But there are many unanswered questions.

Once your 2019 tax return has been filed, there still may be some issues to consider. We’re often asked about refund status, record retention, and amended tax returns. Here are some answers.

As businesses work to recover from the effects of the COVID-19 pandemic, everyone should be on the lookout for opportunities to reduce taxes. One method that manufacturers often overlook is the research and development tax credit.

A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.

Employer-provided group term life insurance can be a great employee benefit. But depending on the amount of coverage, it may cause an unwanted tax result. Here’s why.

A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.

With the Affordable Care Act in jeopardy, some of its related taxes could be overturned and potentially refundable. But for taxpayers, the time is now to file a protective refund claim and possibly recoup some of their 2016 payment.

A last-minute extension means small businesses have until August 8 to apply for Paycheck Protection Program funds.

Business owners will receive notification starting this week regarding eligibility for financial relief as part of the Tennessee Business Relief Program.

The Treasury Department and Small Business Administration have posted new “borrower-friendly” applications for loan forgiveness under the Paycheck Protection Program.

There are many advantages to Health Savings Accounts (HSAs). Here are a few of them, along with the HSA inflation-adjusted amounts for the 2021 calendar year.

The Tennessee Department of Revenue will issue business relief payments through the Tennessee Business Relief Program to small businesses for costs incurred as a result of mandatory business closures.

During these tough times, your business may be saving money by using independent contractors, rather than hiring employees. Make sure to follow all the rules or you could hear from the IRS.

A change to Section 2302 of the CARES Act removes the exception for business owners who wish to use the tax deferral of the employer’s portion of Social Security taxes.

Business owners who received a forgivable loan through the Paycheck Protection Program could get more leeway on how to spend those funds as a result of legislation passed by the Senate and House.

Two new interim final rules build upon loan forgiveness application and instruction, but they don’t make changes to the eight-week period during which PPP funds must be spent or the rule requiring PPP borrowers to spend at least 75% of the funds on payroll costs.

New guidance helps clear up calculation methods, definitions of forgivable expenses, and the documents that must be submitted with the forgiveness request.

The Small Business Administration has taken another step to allow employers more flexibility in repaying their loans under the Paycheck Protection Program.

The Small Business Administration’s newest announcement offers relief for some employers whose Paycheck Protection Program loans amounted to less than $2 million.

New guidance from the IRS says that normally deductible business expenses will not be deductible as a way to prevent a “double tax benefit.”

Congress provided $349 billion for PPP funds, but that money ran out late last week amid high levels of demand as the coronavirus has forced businesses to scale back or close altogether.

Loans are now available for eligible small businesses through the Small Business Administration’s Paycheck Protection Program. Here are the details about the loan qualifications and terms.

Scammers are targeting individuals with promises to help them receive their upcoming economic impact payment faster. Here’s how to spot them.

As more details emerge from the 880-page, $2 trillion CARES Act, the potential economic perks are becoming clearer for employers and individuals.

The CARES Act will help provide more than $2 trillion in financial aid and incentives to help businesses and individuals weather the COVID-19 pandemic, and lawmakers say there could be more to come.

The Families First Coronavirus Response Act was signed into law as a response to the growing health and economic crises with provisions for paid sick leave and expanded unemployment benefits.

Taxpayers now have an additional 90 days to file returns as the result of the Treasury Department’s latest step to address growing economic concerns.

In most cases, married couples who file jointly save more money on taxes than those who file separate returns. However, there are times when filing separately is a better option.

The Tax Cuts and Jobs Act eliminated some of the deductions for business-related meal and entertainment expenses but led to confusion. New guidance from the IRS helps address the questions.

Individuals and businesses will have an extra 90 days to pay their tax bill as a result of new directives from the Treasury Department.

Individual tax returns in Davidson, Putnam, and Wilson counties originally due April 15 may qualify for a July 15 deadline.

The tax rules involved in selling mutual fund shares can be complex. One difficulty is that certain mutual fund transactions are treated as sales even though they might not seem like it.

Social Security contributions and 401(k) limits are among changes this year that will require adjustments by employers.

Many individuals who once claimed a tax break for making charitable contributions are no longer eligible as a result of tax law changes.

Good news for individuals, businesses, and employers: A new law provides federal tax relief. Here are the highlights.

Completing your 2019 tax return early can potentially help protect you from tax identity theft. Here’s why.

Unemployment taxes can cost your business a bundle, especially if a lot of former employees file unemployment claims against your business. Fortunately, you may be able to reduce your costs.

These days, many people have side “gigs” to earn extra money. Find out more about the tax consequences of taking on these jobs.

The latest revisions to the tax code will bring welcome relief to nonprofit organizations.

The Tax Cuts and Jobs Act changed the way some businesses must compute per diem allowances. The IRS recently issued guidance for business travelers and their employers to clarify the changes.

Should you file your tax return as a single person, a married couple filing jointly, a “head of household” or some other status? Know what the federal tax filing statuses are and who can claim them.

The holiday season is in full swing. Your business may want to show its gratitude to employees and customers by giving them gifts or hosting parties. It’s a good idea to understand the tax rules involved.

Did you know you could be personally liable for a harsh penalty if payroll taxes withheld from your employees aren’t paid to the federal government? Learn more about whom the IRS can go after at your business.

With the annual federal gift tax exclusion, you can transfer substantial amounts free of gift taxes to your children and others. Here are the basic rules.

If you’re concerned about your 2019 tax liability, consider these year-end tax planning opportunities.

If you’re working on your year-end tax plan, don’t forget to take the new 2020 cost-of-living amounts into consideration.

Allocating time for year-end tax planning now can prove beneficial come filing time next year.

New sales tax collection requirements for remote sellers and marketplace providers took effect Oct. 1, 2019, in several states, including Tennessee.

The FASB has approved proposals to delay the effective dates of its leases, credit losses, hedging, and long-duration insurance contract standards.

New IRS regulations for the first-year 100% bonus depreciation deduction have been published. Do you know how they might affect your business’s tax bill?

The Section 179 deduction and bonus depreciation for business assets have been increased and expanded in time for the 2019 tax year.

For years, businesses have complained that the guidance for reporting income taxes includes many mechanical rules and exceptions. But changes are coming.

If the names and Social Security numbers on your employees’ W-2 forms don’t match the government’s records, you may receive a “no-match letter.” Here’s what these letters mean and how to proceed.

Though tax reform eliminated the child tax credit rules for older children, it also added another credit that can help with college expenses.

If you’re fortunate enough to hit a sizable jackpot in the lottery or while gambling, there are tax implications. Here are the basics to understanding how much you might owe.

If you’re getting close to retirement age, you may be wondering if your Social Security benefits are going to be taxed. And if so, how much will you have to pay?

If you’re covered by Medicare, you already know it can be confusing. You may not know that, if you qualify, you can deduct the cost of premiums (along with other medical costs) on your tax return.

Starting a new business is an exciting but often expensive journey. Fortunately, many start-up expenses can be deducted on your tax return, but some may have to be amortized over time instead of being taken right away.

Many people dream of retiring to another state to take advantage of warm weather or to be close to loved ones. Before you call the moving truck, consider the impact of state and local taxes.

Are you a business owner with teenage or college-age children who seem to constantly need money? Have them earn their own income by hiring them. You can save taxes and reap other benefits.

An attractive benefit for some employees is an employer-provided vehicle that can be used for both business and personal use. The IRS has issued new guidance on how to value the personal use of such vehicles to include the amount in an employee’s income.

Home sales are flourishing in Middle Tennessee, but consider all the potential pros and cons before putting your house on the market.

Recent statistics show a decreased number of IRS audits. The thought of being audited can be frightening, but proper preparation can ensure a smoother process if you are selected.

The third quarter of 2019 is approaching, so be sure to keep tabs on key deadlines that could affect you and your business.

Refunds are usually sent to taxpayers within a few weeks. However, there may be delays, or in worst-case scenarios, refunds may be applied to debts owed to the federal or state government.

Are you interested in joining the growing ranks of plug-in electric vehicle owners? If so, there’s a federal income tax credit that might incentivize your shopping.

Glitches in the Tax Cuts and Jobs Act require fixes, and tax extenders have yet to be extended. Here’s what needs fixing and what tax provisions need extending.

Just because your tax return has been filed doesn’t mean you don’t still have questions. We’re often asked about refund status, record retention, and amended tax returns. Here are the answers.

The second quarter of the year includes a long list of important tax deadlines for both individuals and employers. Here are the biggest ones to keep in mind.

When you think of April 15, you probably think of the income tax return deadline. But it’s also the gift tax return deadline. Find out if you must (or should) file a 2018 gift tax return this year.

Lower tax rates might help reduce your 2018 tax bill, but new limits on many deductions could offset the benefits of lower rates. For example, five itemized deductions have shrunk or disappeared.

How confident are you that you’ve paid enough in taxes for 2018? The tax law changes in the TCJA have made it difficult to properly estimate 2018 tax liability, but the IRS is ready to provide modest penalty relief for some taxpayers who didn’t withhold enough.

Don’t take the substantiation requirements for charitable donation deductions lightly. If you made a gift last year and haven’t received a written acknowledgment from the charity, read this before claiming a deduction on your 2018 income tax return.

New rules were issued that completely change how partnerships will be audited by the IRS. These rules under the consolidated partnership audit regime are effective for partnership tax years that began Jan. 1.

Final IRS regulations on the qualified business income deduction are out. How will they affect your 2018 taxes?

After a tumultuous government shutdown and big changes in tax law, an early start on your 2018 returns could mean less stress later.

The government shutdown continues, just as the 2018 tax filing season is beginning to gear up. How will it affect your tax filing preparations?

Home healthcare providers will face changes because of new Section 199A guidelines, but those changes are based on a variety of factors, including exactly how the entity relates to “the field of health.”

With the new year comes the need for small business owners to begin filing their 2018 income tax returns. The TCJA could significantly alter your tax liability compared to previous years. Refresh yourself now on its major provisions.

Most TCJA provisions went into effect in 2018 and apply through 2025 or are permanent, but two major changes affect individuals starting in 2019.

The Tax Cuts and Jobs Act (TCJA) includes a broad range of tax changes impacting both individuals and business entities, including changes that directly impact healthcare companies and physician practices.

Changes to the tax law have helped produce bigger paychecks for some taxpayers, but they also could lead to less withholding and a bigger tax bill next year.

The IRS once again is warning taxpayers to watch out for phone scammers who call and threaten legal consequences unless they pay the IRS with an immediate wire transfer or gift card.

On December 20, the House passed the reconciled tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. The finalized legislation represents the most sweeping tax overhaul since the Tax Reform Act of 1986.

Giving to charity may make you feel good and help you lower your tax bill. The IRS offers these tips to help ensure your contributions pay off on your tax return.

Not all charitable donations are created equal. Some provide larger deductions than others, and how much or even what you donate might not necessarily be the most important factors.

If you filed your 2016 income tax return (rather than filing for an extension), you may now wonder whether your business could face an IRS audit. Every business owner should understand what the IRS audit process may entail, and how it could impact the business.

Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this distinction matter?

All private companies with more than one owner — no matter how they are structured — should have a buy-sell agreement to spell out how ownership will change hands should an owner depart.

As the price of a college education continues to skyrocket, many parents (and grandparents) are looking for ways to save for future higher education costs. There are several taxpayer-friendly ways to save for a child’s or grandchild’s education.

Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. However, complex tax rules apply to this type of compensation.

When President Obama signed into law the 21st Century Cures Act on Dec. 13, 2016, most of the media coverage focused on the provisions related to medical innovation. But the law also includes some good news for small businesses that have been prohibited in recent years from providing their employees with Health Reimbursement Arrangements (HRAs).