Being a limited partner in a business generally offers liability protection and potential self-employment tax advantages. But it may also trigger the passive activity loss (PAL) rules, which can limit loss deductions for federal income tax purposes. We explain what to know before investing or filing a return reporting partnership losses.

Hanging out the "For Sale" sign is a big decision for any family business. The owner or co-owners obviously want to maximize the after-tax sales proceeds, but buyers will have objectives all their own. This article provides an in-depth discussion of the important steps to selling a family business with minimal tax impact.

If your objective is to pay the least amount of income taxes, then you need to be aware of common tax mistakes involving deductions, retirement accounts, withholding, charitable contributions and more. Here are seven errors you should watch out for.

Life insurance is important to have, particularly if your family depends on your income. However, if you own a policy at death, its proceeds may be subject to estate tax, depending on the size of your estate. A common estate planning strategy is to include the policy in an irrevocable life insurance trust. This article explains the benefits and possible pitfalls.