Our Financial Blog
Why File a Tax Return When Not Required? Unlocking Potential Benefits
Generally, individuals are required to file a tax return for a year if their income exceeds the standard deduction for their filing status for that year. But even if they are not required to file, it may be beneficial to do so. They could be missing out on huge...
The Silent Cash Flow Killers Hitting Small Businesses Right Now
Most small business owners don’t wake up to a cash flow crisis. It creeps in quietly. Margins shrink. Cash feels tighter. Decisions that used to feel easy suddenly don’t. And while revenue might still look “fine” on paper, the bank account tells a different story....
Understanding Income Tax: A Guide to Partnering Effectively with Your Tax Professional
Navigating the world of taxes can often feel like learning a new language—complex, overwhelming, and sometimes, downright confusing. But it doesn't have to be that way. For many, the concept of income tax is limited to the stress of tax season, yet understanding the...
Why Your Tax Refund Isn’t a Win (And What to do Instead)
A big tax refund feels like a victory. It’s tangible.It’s immediate.It feels like a bonus you didn’t expect. But in most cases, a large refund isn’t a win at all. It’s a signal—and not always a good one. Especially now, as tax rules continue to shift and new...
Why Profitable Businesses Still Feel Broke
This is one of the most frustrating positions a business owner can be in. The numbers say you’re profitable.Revenue is steady.Clients are paying. And yet, cash feels tight. Sometimes uncomfortably tight. This disconnect isn’t imaginary—and it isn’t uncommon. Many...
2026 Standard Mileage Rates Announced
As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2026 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on...
Big Changes for Pension Catch-Up Contributions
Individuals age 50 and over can make additional annual “catch-up” contributions to salary reduction plans including 401(k) Deferred Compensation plans, 403(b) TSA plans, 457(b) Government plans and SIMPLE plans. Age 50+ Catch-ups: For 401(k), 403(b) and 457(b) plans,...
2026 Tourist Taxes Americans Should Expect Abroad
If you’re dreaming about London, Paris, or a Mediterranean cruise in 2026, there’s a new line item you’ll want to watch for on your receipts: tourist taxes. Around the world, governments are leaning on visitor levies and entry fees to fund infrastructure, preserve...
Navigating 2025’s Game-Changing Tax Reforms for Individuals and Businesses
With tax season upon us, taxpayers across the nation are trying to grasp the many tax changes for 2025. Central to these transformations is the One Big Beautiful Bill Act (OBBBA), a comprehensive tax reform. This pivotal legislation introduces a range of changes that...
Tax Ramifications for Scam Victims
Navigating the tax implications of scams and theft losses can be complex, especially considering legislative changes that generally limit casualty and theft losses to those associated with a disaster. However, if you've fallen victim to a scam, there is still an...
Your Annual Reminder to File Worker 1099s
This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for 2025, you are required to issue each one a Form 1099-NEC after the end of the year to avoid facing penalties and the potential...
Tax Time is Around the Corner! Are you Ready?
Tax time is just around the corner, and if you are like most taxpayers, you are probably facing the ominous chore of compiling records in preparation for your tax appointment—whether in person, by videoconference or telephone. The difficulty of this task depends upon...
Tax Consequences of Employee Holiday Gifts
It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a fair market value so low that it is impractical and unreasonable to account for it, the gift’s value would be treated as a de minimis...
Year End Stock Strategies for Savvy Investors
As the year draws to a close, taxpayers with substantial stock holdings have a unique opportunity to engage in strategic planning to optimize their tax positions. This article explores various strategies, including understanding the annual loss limit, navigating wash...
Inflation Into Opportunity: How Smart Businesses Turn Rising Costs Into Margin Gains
Inflation isn’t gone—it’s just quieter. Around 3% feels tame compared to the chaos of the past few years, but that doesn’t mean it’s harmless. For most business owners, small shifts in pricing, payroll, and supply costs have become the new normal—slow, steady pressure...
Unlock Hidden Savings: Master the American Opportunity Tax Credit with These Essential Strategies
The American Opportunity Tax Credit (AOTC) is a valuable educational credit designed to help students and their families offset the cost of higher education. Maximizing this credit can lead to significant financial benefits when managed strategically. In this...
Holiday Gifts That Offer Tax Benefits for You and Your Loved Ones
The holiday season is a time of giving, and while the joy of gifting is often its own reward, there are ways to make your generosity even more impactful through strategic tax planning. By understanding the tax implications of certain gifts, you can maximize the...
Year-End Individual Tax Planning Opportunities
Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for your 2025 tax filing. Here are last-minute tax issues you...
Last-Minute Year-End Tax Tactics: Maximize Your Business Savings Now!
As the year draws to a close, small business owners find themselves in a crucial period for financial organization and tax strategy optimization. With the potential to significantly reduce your 2025 tax bill, implementing effective tax strategies now becomes...
Life Events that Impact Your Business Taxes
When Change Hits Your Business, So Do Tax Consequences In business, change is constant. You start strong, add partners, grow fast, face challenges, and eventually think about what’s next. Each of those turning points—what we’ll call “life events”—comes with tax and...