It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025. In this article, we explain why 2024 is an...
If you got married in June, in addition to thank-you notes, give some thought to the IRS to make filing your taxes easier: Report any name change to the Social Security Administration. Notify the United States Postal Service, your employers, and the IRS of any...
Have you ever wondered how you’re supposed to determine whether your organization is eligible for exemption from federal income tax? The possibility of being tax-exempt is permitted under section 501(a) of the Internal Revenue Code. But what about determining private foundation status? Well, that is covered...
Updated IRS rules offer guidance for deductible expenses which may have been murky as a result of the Tax Cuts and Jobs Act.
The rules being updated involve using optional standard mileage rates when figuring the deductible costs of operating an automobile for business, charitable, medical...
When should you revise your tax withholding? If you receive a large refund from the IRS when filing your income tax return, or owe the IRS a substantial amount when filing, you should consider adjusting your withholding....
Form W-4 used to be a relatively simple and straightforward form to complete. However, the form has been changed as a result of the passing of the TCJA back in late 2017. This post walks you through how to complete your W-4 accurately for the...
If you're selling your home, understanding the concept of 'basis' can help save taxes. You are probably aware you may be able to claim itemized deductions on your income tax return for real estate taxes and home mortgage interest. Most other home ownership costs are...
When should you revise your tax withholding? If you receive a large refund from the IRS when filing your income tax return, or owe the IRS a substantial amount when filing, you should consider adjusting your withholding....
If you're an entrepreneur and you've heard other business owners talking about the qualified business income deduction (also called Section 199A), you're probably asking yourself, “Should I incorporate to help save on taxes?” and “What entity should I select?” This post discusses the factors you need...
Box 1 of Form W-2 shows the employee's total compensation that is subject to taxation for the year. Per an article published by Forbes, "This tends to be the number most taxpayers care about the most." Consequently, there's no room for error.
Learn what goes in...
