Our Financial Blog
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...
Understanding the Taxation of Lawsuit Settlements: What Taxpayers Need to Know
Receiving proceeds from a lawsuit settlement can significantly impact your financial situation, and understanding the tax implications is crucial for effective financial planning. The Internal Revenue Service (IRS) provides comprehensive guidelines on how to determine...
Multiple Side Hustles, One Big Tax Headache
The Rise of the Multi-Hustler Economy Welcome to the new normal—where a single paycheck is no longer the goal. Gen Z entrepreneurs are monetizing everything from TikTok sponsorships to Etsy crafts to freelance design work. It’s creative, empowering, and often more...
Cash Flow vs. Profit: The Hidden Reason Healthy Businesses Struggle
When a “Good Year” Still Feels Tight You finally have a year where sales are up and the books show a profit—yet your bank account feels like it missed the memo. You’re working harder than ever, but cash seems to disappear the moment it hits your account. If that...
Considering Selling Your Second Home? Read This First!
Owning a second home can be a cherished asset, providing a haven for relaxation, a profitable rental, or a long-term investment. However, as life circumstances evolve, so might the reasons for holding onto or getting rid of this property. Here are a few scenarios that...
Why Cash Flow Planning Gets Harder as You Grow
Growth Feels Great—Until It Doesn’t At first, running your business feels simple: money comes in, bills go out, and if there’s something left over, you’re doing fine. Then growth happens.More clients. Bigger projects. Higher payroll. Maybe even a second location....