Archive for December 2024
Top Ten Tax Code Changes for Individuals Expected in 2025
Upcoming and Immediate Tax Code Changes for 2025 As 2025 approaches, several significant changes to the U.S. tax code are set to impact individual taxpayers. These updates will affect everything from income tax brackets to retirement contributions. Staying informed is crucial for effective tax planning, so let’s dive into the top ten biggest tax changes…
Read MoreRecovery Rebate Credit: New Checks Being Issued
Special Stimulus Payments to Those Who Missed Them in 2021 The IRS is issuing special payments of up to $1,400 to approximately one million taxpayers who did not claim the Recovery Rebate Credit (RRC) on their 2021 tax returns. These payments aim to provide financial relief to individuals who missed out on previous stimulus payments…
Read MoreNavigating an IRS Letter: What to Do If You Get One
How to Deal With an IRS Letter Receiving a letter from the IRS can be an intimidating experience, but it doesn’t have to cause unnecessary panic. IRS letters, often called “notices,” are a standard part of tax administration and can cover a variety of topics. By understanding the process and taking the right steps, you…
Read MoreHow to Know When Your Small Business Needs a Consultant
Great Ideas for Small Business Growth: When to Hire a Business Consultant Small business owners are experts in their trade. Whether you’re an artisan, contractor, retailer, or restaurateur, you excel in the craft or service that defines your business. But as your business grows, the challenges of managing administrative tasks, marketing efforts, financial planning, tax…
Read MoreHow Alabama Businesses Can Bypass the SALT Deduction Cap
Understanding the SALT Cap Deduction Workaround for Businesses in Alabama The federal State and Local Tax (SALT) deduction cap, enacted as part of the Tax Cuts and Jobs Act (TCJA) in 2017, has created challenges for taxpayers in high-tax states. This cap limits the amount individuals can deduct for state and local taxes to $10,000,…
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