Mar 20 Are Gifts Subject to Tax?
Many taxpayers are curious about whether gifting cash, property, or assets triggers any tax obligations. The answer is generally no; however, there are certain limits and exceptions to consider....
Feb 06 IRS Announces Mileage Change For 2025
At the end of December, the IRS announced standard mileage rates for 2025. Below are the deductions, if you are using an automobile for approved purposes:...
Jan 10 New IRS Guidance on State and Local Taxes
The IRS will be addressing the deductibility of state and local tax payments for federal income tax purposes. It's a reminder that federal law controls payments for federal income tax purposes no matter how state law wants to view things. The Tax Cuts and Jobs Act...
Jan 10 Understanding Depreciation: A Guide for Business Owners
When you acquire assets for your business—whether it's office equipment, machinery, or even vehicles—you're essentially investing in property that will help generate income over time. These assets, however, don’t retain their full value indefinitely. Depreciation is a way to account for the gradual decline in...
Jan 10 Year-End Tax Considerations
You may be able to turn an IRS tax payment into a tax refund if you take some year-end actions now. Consult with your tax professional to determine if any of the following actions apply to your situation....
Jan 10 IRS Alerts on Health and Wellness Deductions: What You Need to Know
The IRS has issued important reminders regarding health and wellness deductions, emphasizing that many personal health-related expenses do not qualify for tax breaks. If you have an FSA (Flexible Spending Account), HSA (Health Savings Account), or MSA (Medical Savings Account), you cannot deduct or be...
Sep 08 Home Office Deductions: More Complex Than They Seem
It's not always easy to figure out which home office write-offs are acceptable and which are not approved by the IRS. Below is a summary of the key provisions to give you a better idea of what you are able to deduct with the IRS....
Sep 08 Medical Deductions for Doctor-Recommended Adjustments
Taxpayers who claim their standard deduction amounts can’t deduct their medical costs. Only if they itemize on Form 1040’s Schedule A are they able to deduct such costs....
Jul 01 How Small Business Owners Can Deduct Home Offices
The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. But it's fraught with confusion. To claim the home office deduction on your tax return, you must exclusively and regularly use part of your home or a separate structure...