Oops, You Did It Again: The Most Common Mistakes People Make with Income Tax Planning (And How to Avoid Them)
The Most Expensive Tax Mistakes (And How to Avoid Them Before It’s Too Late) No one enjoys dealing with taxes. They’re complicated, time-consuming, and, let’s be honest, a little intimidating. But avoiding tax planning won’t make the problem go away—it will just make it more expensive. Every year, millions of people overpay their taxes or…
Read MoreCommon Tax Deductions Individuals May Be Missing
10 Most Common Tax Deductions Individuals May Be Missing in 2025 When it comes to tax season, many individuals leave money on the table by overlooking key deductions. While tax laws evolve, the core principles of maximizing deductions remain constant: you need to know what’s available and ensure you meet the requirements to claim them. …
Read MoreWhat Are the Tax Implications of Selling Your Home?
Understanding the Tax Implications of Selling Your Home Selling your home is a significant financial and emotional event. Whether you’re upgrading to a larger space, downsizing, or moving to a new area, it’s important to understand the tax implications that come with the sale. Taxes can impact how much of the sale proceeds you ultimately…
Read MoreThe Top Ten Tax Changes Small Businesses Are Facing in 2025
The Top Ten Tax Changes Small Businesses Are Facing in 2025 2025 is bringing a wave of tax changes, and small businesses are right in the middle of the action. From shifts in deductions to new incentives, there’s a lot to keep up with. But don’t worry—we’re here to break it all down in a…
Read MoreTop 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,…
Read MoreYear-End Tax Planning Strategies: How to Save More Before December 31
End-of-Year Tax Planning for Individuals: Strategies to Maximize Savings As the year draws to a close, tax planning becomes a critical focus for individuals aiming to minimize their tax liability and maximize potential savings. Proactive planning before December 31 can significantly impact your financial outcomes when tax season arrives. Here’s a comprehensive guide to effective…
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