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...
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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...
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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...
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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...
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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...
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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...
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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...
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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 —...
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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...
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The One Big Beautiful Bill Act (OBBBA), enacted in the summer of 2025, includes a new temporary federal income tax deduction for auto loan interest. On January 2, 2026, the IRS published in the Federal Register proposed regulations addressing the...
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At the end of last year, the IRS announced its annual inflation adjustments to the optional standard mileage rates used to calculate the deductible vehicle operating costs for business, charitable, medical or moving purposes. And there’s...
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Do you regularly donate to charity? In the past, you may have derived generous tax benefits for your contributions without much forethought. Or perhaps you didn’t bother to consider potential write-offs before donating because you assumed...
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