Do you own a boat that you use for recreation, business or perhaps a little of both? If so, you might be missing out on valuable tax-saving opportunities for your vessel. Let’s set sail to explore five potential tax breaks for boat owners...
Read More
Is Your Child’s Financial Aid Taxable? If you’re currently evaluating financial aid awards for your college-bound child, it’s important to understand what types of assistance are taxable. In general, free-money scholarships...
Read More
With tax season in the rearview mirror, many individuals and business owners wonder how long they should hold on to tax-related records — and what can safely be discarded. Different types of documents have different retention recommendations and...
Read More
It’s difficult for many people to write off medical expenses because of the limits imposed under the tax laws. But you may qualify by including every expense allowed. Some of the qualified procedures may surprise you. For example, most...
Read More
If you operate a business that collects payroll taxes from employees, here’s a warning: Regardless of what your corporate financial situation is, don’t borrow from the withholding tax fund. If that money isn’t there when...
Read More
If you’re a parent of minor children or of one or more college students, you’re likely thinking about them as you prepare to file your 2025 federal tax return or begin tax planning for 2026. Do they make you eligible for the Child Tax...
Read More
The IRS typically updates Form 1040 every year — sometimes a little, sometimes a lot. Given the many tax law changes under the One Big Beautiful Bill Act (OBBBA), there’s plenty to talk about this filing season. Here are some highlights...
Read More
The One Big Beautiful Bill Act (OBBBA) included favorable changes to the federal income tax rules for depreciating business assets. And there are annual inflation adjustments to keep track of as well. Here’s an update on the first-year...
Read More
It’s officially tax season. As you prepare your 2025 return, you can turn to many resources for help, including your tax advisor. For guidance straight from the source, the IRS has you covered. Tax Tip 2026-03 provides the following...
Read More
The One Big Beautiful Bill Act (OBBBA) included favorable changes to the federal income tax rules for depreciating business assets. And there are annual inflation adjustments to keep track of as well. Here’s an update on the first-year...
Read More
Do you know the current rules for claiming tax deductions for business meals and entertainment? Whether you’re wining and dining a prospective customer or taking an employee to lunch, you might be confused about what’s deductible —...
Read More
If you had to make a list of your least favorite financial chores, bank account reconciliation would undoubtedly be on it. No one likes reconciling. But what good does it do to have QuickBooks tell you your account balances if there’s a...
Read MoreCleveland Group © 2017 - All Rights Reserved
