Potential Tax Changes in 2025: What You Need to Know
Several significant tax changes in 2025 could impact individuals, businesses, and tax professionals alike. From the expiration of key provisions in the Tax Cuts and Jobs Act (TCJA) …
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2025 Standard Mileage Rates Announced – Rate Increases Are Reason to Smile
The Internal Revenue Service recently announced the inflation adjusted 2025 standard mileage rates used to calculate the deductible costs of operating an automobile for business, …
Essential Steps to Prepare for a Stress-Free Tax Appointment
This day and age a tax appointment can be in person, by video conferencing, by mail, phone or a combination of the four. Preparing for a tax appointment can be a daunting task, but …
Oops, They Did It Again: The BOI Ruling That’s Leaving Small Businesses Dizzy
Oh the joy of an oscillating BOI ruling that just may flip again! Remember that rollercoaster ride we all thought was over? Well, buckle up—because the Beneficial Ownership …
Start Off on the Right Foot! Tips on How to Minimize Taxes in 2025
Individuals and small businesses should start the year off on the right foot by considering these easy ways to minimize taxes in 2025. Essential Ways to Minimize Taxes in 2025 Make …
Essential Tax Credits For Parents – Do You Use These?
If you have children, there are special tax situations and benefits that can help, including tax credits for parents! These tax breaks for parenting expenses can result in a lower …
Potential Tax Changes in 2025: What You Need to Know
Several significant tax changes in 2025 could impact individuals, businesses, and tax professionals alike. From the expiration of key provisions in the Tax Cuts and Jobs Act (TCJA) to inflation adjustments and potential legislative developments, staying informed is crucial for proactive planning. Here’s an overview of what’s coming and how to prepare. Expiration of Key …
2025 Standard Mileage Rates Announced – Rate Increases Are Reason to Smile
The Internal Revenue Service recently announced the inflation adjusted 2025 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on Jan. 1, 2025, the standard mileage rates for the use of a vehicle are: How are 2025 standard mileage rates calculated? The business …
Essential Steps to Prepare for a Stress-Free Tax Appointment
This day and age a tax appointment can be in person, by video conferencing, by mail, phone or a combination of the four. Preparing for a tax appointment can be a daunting task, but with the right approach and organization, it can be a smooth and efficient process. This article will guide you through the …
Oops, They Did It Again: The BOI Ruling That’s Leaving Small Businesses Dizzy
Oh the joy of an oscillating BOI ruling that just may flip again! Remember that rollercoaster ride we all thought was over? Well, buckle up—because the Beneficial Ownership Information (BOI) saga just took another wild turn. An appeals court recently reinstated an injunction that halts BOI enforcement (yes, again). If your head is spinning trying …
Start Off on the Right Foot! Tips on How to Minimize Taxes in 2025
Individuals and small businesses should start the year off on the right foot by considering these easy ways to minimize taxes in 2025. Essential Ways to Minimize Taxes in 2025 Make W-4 Updates If you are employed, your employers uses the information on your IRS Form W-4 compared against the IRS’s withholding tables. This allows …
Essential Tax Credits For Parents – Do You Use These?
If you have children, there are special tax situations and benefits that can help, including tax credits for parents! These tax breaks for parenting expenses can result in a lower tax bill and a higher refund. Here are some key things new parents need to know. To begin with, for parents to take advantage of …
How to Ensure a Smooth Transition When Succession Planning
As Baby Boomer business owners approach retirement, planning for the future of their businesses becomes crucial. Succession planning is not just about finding a successor; it’s about ensuring the continuity and success of the business you’ve built. Here’s how you can prepare for a seamless transition. Start Succession Planning Early Initiating the succession planning process …
Minimize a Surviving Spouse’s Estate Tax: The Benefits of the Portability Election
The Form 706, also known as the United States Estate (and Generation-Skipping Transfer) Tax Return, is a critical document in estate planning and tax management. One of its significant features is the portability election. This election allows a surviving spouse to utilize their deceased spouse’s unused estate tax exclusion amount. This article delves into the …
When Home Ownership Makes More Sense Than Renting: A Financial Perspective
We often encounter clients who are at a crossroads: should they continue renting or take the plunge into home ownership? While renting offers flexibility, there comes a point when it may no longer make financial sense. This article will explore the tax implications, the impact of after-tax dollars, and current market conditions to help you …