In the current business environment, many companies are finding it difficult — or prohibitively expensive — to secure the insurance coverage they need. One solution that may be worth exploring is to form or join a captive insurance company. This article explains the ins and outs of a captive insurance company and lists the potential tax benefits. A sidebar details microcaptives.

Owning a life insurance policy can provide peace of mind that one’s family’s financial well-being will be taken care of after his or her death. It’s generally a good idea to set up an irrevocable life insurance trust (ILIT) to hold the policy. Doing so will keep the policy’s proceeds out of the deceased’s taxable estate. However, what if the ILIT is no longer needed? This article details how an ILIT works and explains the reasons for undoing one.

The Inflation Reduction Act (IRA) expanded several existing tax incentives — and created some new ones — for homeowners who “go green.” Among the new incentives are two IRA-funded Department of Energy programs that provide rebates to homeowners who invest in certain energy-efficient home improvement and electrification projects. This article details the guidance the IRS issued regarding how the rebates are treated for federal income tax purposes.

These brief tips explain the potential pitfalls of electing to take an employer’s matching 401(k) plan contributions as Roth contributions; detail the fraud associated with fake charities; and explore who’s eligible for the self-employed health insurance deduction.