Taxes & Tax Planning
What Are the Tax Implications of Selling Your Home?
Home Sale Tax Planning What Are the Tax Implications of Selling Your Home? Selling a home can create a substantial financial gain, but that does not automatically mean you will owe capital gains tax. Federal tax law provides a valuable exclusion for many homeowners, while basis, improvements, selling expenses, prior rental use, depreciation, and reporting…
Read MoreThe Top Ten Tax Changes Small Businesses Are Facing in 2025
Small Business Tax Planning The Top Ten Tax Changes Small Businesses Are Facing in 2025 Tax law never stands still. From equipment deductions and retirement-plan limits to research expenses and information reporting, 2025 brought several important developments for business owners. Here are ten areas small businesses should understand when preparing returns and planning ahead. Christopher…
Read MoreTop 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 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…
Read MoreYear-End Tax Planning Strategies: How to Save More Before December 31
2026 Tax Planning Year-End Tax Planning Strategies: How to Save More Before December 31 The tax return you file next year will report what happened during 2026. The opportunity to change many of those results, however, exists before December 31. Reviewing income, deductions, investments, retirement contributions and business activity before year-end can uncover planning opportunities…
Read MoreIs Christmas Lighting Tax Deductible?
Holiday Tax Planning Are Christmas Lights Tax Deductible? Before you cover the roof, storefront, office, trees, windows, and anything else that will hold still long enough in a few thousand twinkling lights, there is one tax question worth answering: can any of that holiday cheer actually become a business deduction? Christopher Olson, EA Approximately 9-minute…
Read MoreBrother-Sister Relationships: Understanding the Tax Code
Business Tax Planning Understanding Brother-Sister Relationships in the Tax Code Owning several businesses does not always mean the tax code treats each company as completely unrelated. Controlled-group rules can connect businesses through common ownership and affect retirement plans, employee benefits, deductions, tax thresholds, and other calculations. Here is how the brother-sister controlled group concept works…
Read MoreInstallment Agreements: Do I Need to Setup a Payment Plan if I Owe the IRS?
IRS Tax Problems & Payment Options Do I Need to Set Up a Payment Plan if I Owe the IRS? Owing money to the IRS does not automatically mean you need a long-term installment agreement. The right solution depends on how much you owe, how quickly you can pay it, whether your tax filings are…
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