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What tax documents can you safely shred? And which ones should you keep?

Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the shredder or delete button, remember that some paperwork still has two important purposes: Protecting you…

What Losses Can You Deduct if You Live in a Federally Declared Disaster Area?

Have you experienced any losses caused by severe storms, floods, hurricanes, or other disasters? If you have, you may be able to deduct those losses on your tax return if you live in a federally declared disaster area. Federal Disaster Areas When a state or…

An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing

Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s the deadline for making the first quarterly estimated tax payment for 2025 if you’re required to…

How Buying a New Car Could Reduce Your Tax Liability

Overview of the Inflation Reduction Act of 2022 and the Clean Vehicle Credit The Inflation Reduction Act of 2022 is a 10-year plan that introduced new tax regulations and provided additional funding to the IRS. The funds were intended to improve the services and technology…

Discover if you qualify for “head of household” tax filing status

When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Only some people are eligible to file a return as a head of household. But if you’re one…

Looking to Adopt? Learn More About the Tax Credits You Can Receive…

Adopting is a very fulfilling and is a great way to grow your family and can be a wonderful experience but a costly one and the IRS understands this. This article will provide you with a brief, not all-inclusive, explanation on the adoption tax credit,…

Deduct a loss from making a personal loan to a relative or friend

Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help by making a personal loan. That’s a nice thought, but there are tax implications that you should…

Understanding Section 199A (Qualified Business Income Deduction)

The Tax Cuts and Jobs Act introduced a business income deduction that went into effect after December 31, 2017, and continues until December 31, 2025 when it is scheduled to sunset. This deduction is referred to as the Section 199A deduction. Section 199A allows eligible…

To Deduct or Capitalize? How the De Minimis Safe Harbor Election Can Simplify Your Tax Decisions

The question of whether to capitalize or deduct an expense in the current year is one that every tax preparer must consider when reviewing a client’s fixed asset additions or repairs and maintenance details. Oftentimes, the answer relies as much on subjectivity as on the…

Planning for the future: 5 business succession options and their tax implications

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan should…