Tax Planning
Recovery 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…
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 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 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 More