Taxes & Tax Planning
The 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 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…
Read MoreIs Christmas Lighting Tax Deductible?
Are Christmas Lights Tax Deductible? Let’s Shed Some Light on It! The holiday season is upon us, and if you’re anything like us, you’re already planning to deck the halls (and your roof, driveway, and trees) with twinkling lights that could rival a Christmas parade. But wait—before you spend all that money on strands of…
Read MoreBrother-Sister Relationships: Understanding the Tax Code
Your Comprehensive Guide to Understanding Brother-Sister Relationships in the Tax Code The U.S. tax code uses complex family relationships to determine tax responsibilities and compliance, and among these is the “brother-sister relationship.” In tax terminology, this concept applies not only to biological siblings but also to a range of business and family-owned structures. This blog…
Read MoreBeneficial Ownership Information: Who, What, and When?
Understanding Beneficial Ownership Information (BOI): What It Is, Filing Requirements, and Why You Need a Licensed Accountant The Beneficial Ownership Information (BOI) reporting is part of the U.S. government’s commitment to increasing transparency around business ownership. Under the Corporate Transparency Act (CTA), many companies must now disclose detailed information about their beneficial owners to the…
Read MoreInstallment Agreements: Do I Need to Setup a Payment Plan if I Owe the IRS?
Pros and Cons of Setting Up an IRS Installment Agreement When You Owe Taxes Owing taxes to the IRS can be a stressful situation, but an installment agreement may provide relief. This agreement allows taxpayers to pay their outstanding balance over time, making it an appealing option when faced with a large tax bill. However,…
Read More