Posts by Christopher Olson, EA
Is Charitable Giving Tax Deductible?
Tax Planning & Charitable Giving Is Charitable Giving Tax Deductible? What Donors Need to Know in 2026 Giving to charity can support organizations and causes that matter to you—and with proper planning, certain contributions may also provide valuable federal tax benefits. The rules changed significantly for 2026, making it more important than ever to understand…
Read MoreAre Medical Expenses Tax Deductible?
Individual Tax Deductions Are Medical Expenses Tax Deductible? What You Can—and Cannot—Claim Doctor visits, dental work, prescriptions, insurance premiums, medical travel, and other healthcare costs can add up quickly. Some of those expenses may reduce your federal income taxes—but only when the expenses qualify and your total deductible medical costs cross an important IRS threshold.…
Read MoreSelecting the Right Bookkeeper: Your Ultimate Guide to Finding the Best Bookkeeper
Bookkeeping & Small Business Selecting the Right Bookkeeper: How to Choose the Best Fit for Your Business The right bookkeeper does more than enter transactions. They help create the financial foundation your business relies on for accurate reporting, tax preparation, cash-flow management, and better decisions. Here is what to look for before trusting someone with…
Read MoreUnlocking the Power of Business Consulting: A Comprehensive Guide
Bookkeeping & Small Business Selecting the Right Bookkeeper: How to Choose the Best Fit for Your Business The right bookkeeper does more than enter transactions. They help create the financial foundation your business relies on for accurate reporting, tax preparation, cash-flow management, and better decisions. Here is what to look for before trusting someone with…
Read MoreWhen Should You Use a Professional to File Your Taxes?
Tax Preparation When Should You Use a Professional to File Your Taxes? Filing your own return can make sense when your tax situation is straightforward. But business income, investments, rental property, major life changes, IRS problems, and more complicated deductions can quickly make professional tax preparation worth considering. Christopher Olson, EA Approximately 8-minute read Filing…
Read MoreA Comprehensive Guide to Understanding Bonus Depreciation
Business Tax Planning Understanding Bonus Depreciation: How 100% Expensing Can Reduce Business Taxes Bonus depreciation allows businesses and investors to accelerate deductions for qualifying property instead of recovering the cost over many years. With 100% bonus depreciation permanently restored for qualifying property acquired after January 19, 2025, equipment purchases, improvements, vehicles, technology, and certain real…
Read MoreUnderstanding the Child Tax Credit
Tax Credits for Families Understanding the Child Tax Credit: A Complete Guide for Families The Child Tax Credit can reduce federal income taxes for families with qualifying children, but age, relationship, residency, Social Security number requirements, income limits, and refundability rules all matter. Here is how the credit works and what families should know for…
Read MoreWhat is a 52/53 Week Tax Filer?
Accounting Periods & Business Tax What Is a 52-53 Week Tax Year? A Guide for Business Owners A 52-53-week tax year allows certain businesses to organize their annual accounting period around complete weeks rather than fixed calendar dates. For retailers, restaurants, hospitality companies, and other businesses driven heavily by weekends or seasonal operating cycles, that…
Read MoreHow Do Tax Extensions Work?
Tax Filing & Extensions How Do Tax Extensions Work? What Taxpayers Need to Know A tax extension can give you more time to prepare and file your return—but it does not normally give you more time to pay the tax you owe. Understanding that distinction can help you avoid unnecessary penalties, interest, and last-minute filing…
Read MoreBasic Tax Strategies for Individuals
Individual Tax Planning Basic Tax Strategies for Individuals: A Practical Guide to Paying Less Legally Good tax planning is not about searching for loopholes in April. It is about making smarter decisions throughout the year—managing income, retirement contributions, deductions, credits, investments, healthcare accounts, and withholding before your opportunities disappear. Christopher Olson, EA Approximately 12-minute read…
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