Archive for December 2024
Top Ten Tax Code Changes for Individuals Expected in 2025
Individual Tax Planning Top Ten Tax Code Changes for Individuals Expected in 2025 The 2025 tax year ultimately brought much more than routine inflation adjustments. New deductions, higher limits, expanded tax breaks and major legislation changed the final rules for millions of individual taxpayers. Here are ten of the most important developments to understand. Christopher…
Read MoreRecovery Rebate Credit: New Checks Being Issued
Taxes & Tax Credits Recovery Rebate Credit: Understanding the Special IRS Payments In late 2024, the IRS announced automatic payments of up to $1,400 for certain taxpayers who qualified for the 2021 Recovery Rebate Credit but did not claim it on their original return. Here is what the program was, who qualified, and what taxpayers…
Read MoreNavigating an IRS Letter: What to Do If You Get One
IRS Problem Solving What to Do If You Get an IRS Letter An IRS notice does not automatically mean an audit, a major tax problem, or even that you owe money. But it should never be ignored. Learn how to identify the notice, understand what the IRS is asking for, protect important deadlines, gather the…
Read MoreHow to Know When Your Small Business Needs a Consultant
Business Consulting How to Know When Your Small Business Needs a Consultant You may be excellent at your trade, profession, or service and still find yourself overwhelmed by the business built around it. Here are the warning signs that outside perspective, stronger systems, better financial controls, or a clear growth strategy may be exactly what…
Read MoreHow Alabama Businesses Can Bypass the SALT Deduction Cap
Alabama Tax Planning How Alabama Businesses Can Use the PTE Tax Election to Reduce the Impact of the SALT Cap Alabama allows qualifying S corporations and partnerships to elect to pay Alabama income tax at the entity level. For some business owners, that can move a state income-tax deduction from the owner’s individual return to…
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