Our Financial Blog
Making Home Improvements? You May Qualify for a Substantial Tax Credit
The Internal Revenue Code Section 25C credit, also known as the Energy Efficient Home Improvement Credit, is a valuable tax incentive for homeowners who make qualifying energy-saving improvements to their existing homes. This credit has undergone several modifications...
Minimize a Surviving Spouse’s Estate Tax: The Benefits of the Portability Election
The Form 706, also known as the United States Estate (and Generation-Skipping Transfer) Tax Return, is a critical document in estate planning and tax management. One of its significant features is the portability election, which allows a surviving spouse to utilize...
Hidden Tax Benefits: How Equitable Ownership Can Maximize Your Mortgage Interest and Tax Deductions
Equitable ownership refers to the situation where an individual possesses the benefits and burdens of ownership of a property, even though they do not hold the legal title. This concept is rooted in equity law, which aims to achieve fairness and justice. Equitable...
Treasury’s FinCEN Launches Nationwide Public Service Announcements to Inform Business Owners about Beneficial Ownership Reporting Requirements
https://www.youtube.com/watch?v=sXv_uOgpNGg
IRS reminder for schoolteachers: Up to $300 in classroom expenses deductible for 2024
As educators gear up for the new school year, the IRS reminds schoolteachers that the maximum deduction for classroom expenses in 2024 remains at $300. This deduction allows educators to offset the cost of supplies, materials and other classroom essentials, providing...
Beware of Scams Targeting Corporate Transparency Act Reporting Requirements!
The Corporate Transparency Act (CTA), enacted as part of the Defense Authorization Act for Fiscal Year 2021, represents a significant legislative effort to enhance corporate transparency and combat illicit financial activities in the United States. The CTA mandates...
Surprising Tax Impact of Converting Your Traditional IRA to a Roth IRA
Taxpayers are limited in the annual amount they can contribute to a Roth IRA. The maximum contribution for 2024 is $7,000 ($8,000 if age 50 or older), but the allowable 2024 contribution for joint-filing taxpayers phases out at an adjusted gross income (AGI) between...
Should Tips Be Tax-Free? How Recent Proposals Could Change the Way You Tip
In recent years, tipping culture has seen significant changes, particularly with the rise of digital payment kiosks and self-checkout lanes. A CBS News article recently questioned, “Are tip requests getting out of hand?,” pointing out the shift from traditional...
Boost Your Income: How Renting Your Vacation Home Can Maximize Your Earnings and Minimize Your Taxes
Owning a dwelling unit that is used as a vacation home can be a dream come true, offering a personal retreat and potential rental income. However, the tax implications of renting out a vacation home can be complex. Understanding these rules can help you maximize your...
A Retiree’s Guide to Reducing Taxes on Social Security Benefits
Social Security benefits serve as a crucial financial backbone for millions of retirees, disabled individuals, and families of deceased workers in the United States. However, the taxation of these benefits often presents a complex landscape for beneficiaries. This...
Navigating Potential Changes in Capital Gains Tax: What Business Owners and Boomers Need to Know
As a business owner or a baby boomer planning to sell your business or a significant real estate asset, understanding potential changes in capital gains tax is crucial. President Biden's FY 2025 budget proposal includes significant tax reforms aimed at wealthier...
How an Accounting Pro Can Help You Create and Stick to a Budget
Maintaining a clear and effective budget is crucial for success. Yet, many businesses are overwhelmed by day-to-day operations, often making financial decisions without a solid forecast. This can lead to unexpected financial troubles and missed growth opportunities....
Living Below Your Means: A Key to Entrepreneurial Success
Starting a business is a thrilling adventure, filled with dreams of innovation, independence, and financial success. However, the reality of entrepreneurship often involves long hours, relentless challenges, and financial uncertainty. As tax and accounting...
Summary of the Latest Federal Income Tax Data Based on Tax Year 2021 (2024 Update)
In 2021, taxpayers filed 153.6 million tax returns, reported earning more than $14.7 trillion in adjusted gross income (AGI), and paid nearly $2.2 trillion in individual income taxes. The top 50 percent of all taxpayers paid 97.7 percent of all federal individual...
Updated frequently asked questions on New, Previously Owned and Qualified Commercial Clean Vehicle Credits now available from the IRS
The Internal Revenue Service updated frequently asked questions in Fact Sheet 2024-26 PDF to provide guidance related to eligibility rules, income limitations, transfer rules and dealer registration for the New, Previously Owned and Qualified Commercial Clean Vehicle...
SBA Certification Upgrade Starting August 1, 2024
SBA's certification upgrade will start on August 1st 2024 Initial certification applications will not be accepted during the upgrade period. The upgraded system is expected to be available for new applications in early September. New and prospective applicants...
Unexpected Windfall or Financial Pitfall? Navigating the Tax and Financial Consequences of Losing Your Job
Losing a job is a significant life event that not only affects your immediate emotional well-being but also has profound tax and financial implications. From severance pay to unemployment benefits, health insurance options, and the fate of your employer pension plan,...
National Small Business Week 2024 begins; IRS offers tax resources, information to nation’s entrepreneurs
The Internal Revenue Service today offered helpful information to entrepreneurs in anticipation of the upcoming kick-off of National Small Business Week, celebrating and recognizing the crucial contributions America's small businesses make to the nation's economy....
Unlocking the Secrets of the SMB Business Life Cycle
Understanding your company's journey from inception to maturity is not optional if you want to have a successful career as a business owner. The business life cycle, a concept thoroughly explored by experts in corporate finance, serves as an essential roadmap for...
Payroll Management: A Complete Guide for SMBs
Payroll taxes can be a significant headache for many small—to medium-sized business owners. Without proper education, entrepreneurs can find themselves in trouble with the IRS and state tax agencies. Fortunately, if you’ve been struggling with payroll taxes, you’re in...