There’s good news for businesses considering buying equipment and other capital assets: The One Big Beautiful Bill Act (OBBBA) dramatically improves first-year depreciation tax breaks. Here’s what you need to know to take advantage...
Read More Summer interns can help fill gaps The labor market is tight. As many employers seek summer interns to fill the gaps, it’s critical to comply with federal laws, primarily the Fair Labor Standards Act (FLSA). Paid interns are subject to the...
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Are you ready to move and want to sell your home, but you’re worried about a slowing real estate market? You’re not alone. Many homeowners want to move up to a bigger home or downsize to a smaller one. However, they’re currently...
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When a professional corporation sells its assets or liquidates, one important federal income tax issue is whether the corporation or its shareholder-employees owns any self-created (as opposed to purchased) goodwill. For tax purposes, goodwill is...
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Accounting is a repetitive process. As you prepare invoices, receipts, bills, and other sales and purchase forms, you undoubtedly grow weary of typing the same information over and over. Customer and vendor names, addresses, product and service...
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Several provisions of the One, Big, Beautiful Bill Act (OBBBA), signed into law on July 4, will affect homeowners starting in 2025. These changes are important as you plan for the current tax year, because they may impact whether you itemize or...
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Tax credits are the most valuable tax breaks available. Each dollar of credit equals a dollar of tax savings. By comparison, if you’re in the 32% federal income tax bracket, each dollar of tax deductions saves you only 32 cents...
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Identity thieves can prey on anyone, at any time. Here’s some helpful tips for taxpayers to know when it’s really the IRS or not. Email, text and social media The IRS doesn’t make initial contact through email or social media channels. Some...
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If you’re self-employed, run your own small business, or have rental or investment income, there’s a good chance you must make quarterly estimated tax payments. These payments include income tax and, if applicable, self-employment...
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In many areas, vacation home prices have skyrocketed, along with property insurance costs. If you own a highly appreciated vacation property, is it time to cash out and simplify your life? You could simply sell the property and accept the tax hit...
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As separate legal entities, estates and nongrantor trusts must file their own federal tax returns, just like individual taxpayers. Unlike individuals, however, these entities may distribute income to beneficiaries, which can shift tax liability...
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Choosing the right business entity is one of the most important decisions entrepreneurs make when launching or restructuring a business. The type of entity selected affects how the business is taxed, its administrative complexity, and who may be...
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