Delinquent Taxpayers May Experience Passport Issues
Let's say a person is planning to take a plane trip out of the country. And further suppose that individual owes the federal government a fair amount of back taxes. [...]
Claiming Bad Debt Loss Deductions
The issue of individual taxpayers deducting bad debt losses has historically been a source of tension with the IRS. Here's what you need to know to get the best [...]
Do 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 [...]
401 (k) Plan Catch-Up Contributions
How big is your retirement nest egg? Too often, people sacrifice retirement savings to afford a bigger home, cover emergency expenses or pay for their children's education. But time [...]
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 [...]
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 [...]
Riding the Tax Break Train: Maximizing Employee Transportation Fringe Benefits
There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s [...]
Dispelling 10 Federal Tax Myths and Misconceptions
In the complex world of federal taxes, myths and misconceptions can lead to costly mistakes and missed opportunities — especially for business owners and high-net-worth individuals. Here's a look [...]
Excess Business Loss
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 [...]
Can I Itemize Deductions On My Tax Return?
You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because [...]
A Deduction for Energy-Efficient Buildings Has Been Enhanced
The Inflation Reduction Act (IRA), which was enacted in 2022, significantly enhanced the Section 179D deduction for energy-efficient commercial building improvements. The enhancements are for improvements placed in service [...]
Financial Relief for Families: The Benefits of the Child Tax Credit
The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or you’ve benefited from it [...]
Reporting Digital Assets on Your 2024 Tax Return
A current IRS hot button is federal income tax reporting of digital-asset transactions. The government is concerned that some taxpayers fail to report the results of digital-asset transactions on their federal [...]
Taming the Tax Tangle If You’re Retiring Soon
Taming the tax tangle if you’re retiring soon Retirement is often viewed as an opportunity to travel, spend time with family or simply enjoy the fruits of a long [...]
Test Your Money Smarts!
At what age can you generally start withdrawing from a traditional IRA without a tax penalty? A) 55 B) 59½ C) 62 D) 65 Question 2: Insurance What type [...]