Tax filing FAQs for individuals
The IRS is opening the filing season for 2025 individual income tax returns on January 26. This is about the same time as when the agency began accepting and processing 2024 tax year returns last year, despite IRS staffing having been significantly reduced since then. Here are answers to some FAQs about filing. When is…
Read Article6 last-minute tax tips for businesses
Year-round tax planning generally produces the best results, but there are some steps you can still take in December to lower your 2025 taxes. Here are six to consider: 1. Postpone invoicing. If your business uses the cash method of accounting and it would benefit from deferring income to next year, wait until early 2026…
Read ArticleThe 2025 SALT deduction cap increase might save you substantial taxes
If you pay more than $10,000 in state and local taxes (SALT), a provision of the One Big Beautiful Bill Act (OBBBA) could significantly reduce your 2025 federal income tax liability. However, you need to be aware of income-based limits, and you may need to take steps before year end to maximize your deduction. Higher…
Read ArticleTurning stock downturns into tax advantages
Have you ever invested in a company only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While such an investment might be something you’d rather forget, there’s a silver lining: you can claim a capital loss deduction on your tax return. Here are the rules when a…
Read ArticleThe One Big Beautiful Bill Explained: What It Means for Your Business and Personal Taxes
On July 4, 2025, the “One Big Beautiful Bill” (OBBBA) was signed into law. This legislation includes significant updates to the tax code for individuals and businesses, making permanent several provisions from the 2017 Tax Cuts and Jobs Act (TCJA) and introducing new deductions and incentives. Below is a summary of the key tax-related changes…
Read ArticleUnderstanding Charitable Donations and Tax Deductions: What You Can (and Can’t) Deduct
Charitable donations are a great way to support meaningful causes, and they can also offer tax advantages—if you understand the rules. However, not every donation qualifies for a tax deduction, and even those that do are subject to certain limits and documentation requirements. Here’s what you need to know about how charitable deductions work, what…
Read ArticleCan 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 you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs for the…
Read ArticleDecoding Retained Earnings: What Your Profits (or Losses) Reveal
While the term “retained earnings” might sound like something only accountants care about, it’s actually one of the most important indicators of a company’s financial health. In simple terms, retained earnings are the profits a company keeps, rather than distributing them to shareholders as dividends. Think of them as the company’s savings—funds that are reinvested…
Read ArticleThe standard business mileage rate increased in 2025
The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also gone up. The IRS recently announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup…
Read ArticleUnderstanding 1099 Forms for Small Businesses: A Complete Guide
As a small business owner, managing finances and staying compliant with tax regulations is crucial. One essential part of this is understanding and properly handling IRS 1099 forms, which are commonly used for reporting income paid to contractors, freelancers, and other non-employees. In this guide, we’ll go over the basics of 1099s to help you…
Read ArticleWhy Keeping Personal and Business Expenses Separate Is Crucial for Your Success
Why Keeping Personal and Business Expenses Separate Is Crucial for Your Success As an entrepreneur or small business owner, managing your finances can be overwhelming, but one principle can make a world of difference: separating your personal and business expenses. While it may seem like a minor detail, keeping these accounts distinct is vital…
Read ArticleMake year-end tax planning moves before it’s too late!
With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You may not itemize because of the high 2024 standard…
Read Article