Starting a business is an exciting yet challenging venture. One of the critical aspects new business owners need to navigate is understanding tax deductions. While it might seem beneficial to claim every possible expense, doing so can lead to complications, including increased scrutiny from the IRS and potential financial setbacks. In this article, we’ll explore… Read More
As a rental property owner, you might find that deducting your rental property tax losses against other income can be more complicated than expected. The tax code, while designed to help, brings along a number of hoops to jump through before you can benefit from these deductions. One of the trickiest aspects is qualifying as… Read More
The new year brings significant updates to tax rules for inherited individual retirement accounts (IRAs). If you’ve inherited or may someday inherit an IRA, these changes could influence your financial decisions. Here’s an in-depth look at what’s new for 2025 and how to plan effectively. Key Updates for Inherited IRAs Required Minimum Distributions (RMDs) Starting… Read More
Paying estimated taxes is a critical responsibility for individuals and businesses, especially for those with income not subject to withholding, such as self-employment earnings, investments, or rental income. Missing an estimated tax payment can lead to non-deductible penalties, creating unnecessary financial burdens. By understanding the rules and deadlines, you can avoid these penalties and stay… Read More
The Tax Cuts and Jobs Act (TCJA), passed in late 2017, has reshaped the U.S. tax landscape for businesses and individuals alike. With its seventh anniversary approaching, many of the TCJA’s most influential provisions are set to expire at the end of 2025. This creates an urgent need for taxpayers to reassess their financial strategies… Read More
As we approach the end of 2024, strategic tax planning can greatly impact your business’s financial health. Implementing smart tax deductions now can lead to significant savings when you file your return. Here, we’ll discuss six practical tax strategies that can help your business minimize its tax liability and, in some cases, defer income to… Read More
Navigating the complexities of the U.S. tax system can be overwhelming, especially when dealing with potential penalties from the IRS. However, understanding the rules and knowing your rights can often help taxpayers avoid or minimize penalties altogether. Common IRS Penalties The IRS imposes penalties for various reasons, with some of the most common being: Failure…… Read More
The clock is ticking for business owners across the United States. Recent regulations from the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury have set new deadlines for filing Business Ownership Information (BOI) reports. These requirements aim to improve transparency and combat financial crimes, such as money laundering and fraud. If…… Read More
Introduction Long-term care costs can be a significant financial burden, especially since Medicare and Medicaid do not cover many of these expenses comprehensively. For businesses and individuals alike, navigating the complexities of long-term care insurance and understanding how to maximize tax deductions can be challenging. This article will explore the different ways business owners can…… Read More
The United States employs a “pay as you go” tax system, requiring individuals and corporations to make regular payments to the IRS throughout the year based on their income. Failure to meet these obligations may result in an estimated tax penalty, a non-deductible interest charged on the underpaid amount for each quarter. This article explores… Read More