Tax Prep
Top 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 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 MoreUnderstanding Tax Filing Requirements: A Comprehensive Guide on When to File Taxes
Bookkeeping & Accounting In Bookkeeping, Do All Deposits Count as Income? Money entered the bank account, but does that automatically make it revenue? Not necessarily. Loans, owner contributions, transfers, refundable deposits, customer payments, asset sales, and reimbursements can all hit the bank while requiring very different bookkeeping and tax treatment. Christopher Olson, EA Approximately 11-minute…
Read MoreIs 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 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 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…
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