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Is Your Money-losing Activity a Hobby or a Business?

October 24, 2024

Transforming your hobby into a business can impact your taxes, especially if the activity loses money for some time. Here’s how you may be able to rightfully deduct losses.

The IRS Has Announced Inflation Adjustments for 2025

October 23, 2024

The standard deduction will be increasing in 2025, as well as the alternative minimum tax exemption amount.

How Your Business Can Prepare for and Respond to an IRS Audit

October 22, 2024

What triggers an IRS audit and how can you prepare if your business is selected?

Advantages of Keeping Your Business Separate from Its Real Estate

October 17, 2024

It may be advantageous to separate ownership of a business’s real estate from the business. But it isn’t always advisable. Here’s a look at the issues.

Unlock Your Child’s Potential by Investing in a 529 Plan

October 15, 2024

College costs have gone up sharply in the past few decades, so starting to save early is a smart move. One option is to invest in a tax-advantaged 529 plan.

Understanding Your Obligations: Does Your Business Need to Report Employee Health Coverage?

October 10, 2024

Form 1095-C is filed with the IRS and given to full-time employees of “applicable large employers.” Which employers fall under this category, and what are their obligations?

The IRS is Providing Tax Relief for Farmers and Ranchers Forced to Sell or Exchange Livestock Because of Drought Conditions in 41 States and Other Areas.

October 8, 2024

The tax relief generally applies to capital gains for eligible farmers and ranchers. Here's how to see if you qualify.

Make Year-end Tax Planning Moves Before It’s Too Late!

October 3, 2024

Taking proactive steps now could help reduce your tax liability for 2024 and 2025. Here are some considerations.

Owners of Pass-through Businesses Must Report Income Received on Their Individual Tax Returns, Where It’s Taxed as Ordinary Income.

October 1, 2024

One married couple was audited, and evidence showed that they owed taxes on $1.2 million. Read more here.

2024 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

September 30, 2024

Mark your calendar: It’s time for businesses to start thinking about the fourth quarter 2024 tax filing deadlines.

Strong Controls Over Financial Reporting Are Essential

September 26, 2024

Strong internal controls are the keys to accurate financial reporting. Here’s how to unlock their potential and fortify your defenses against financial misstatement and fraud.

Help Ensure Your Partnership or LLC Complies with Tax Law

September 24, 2024

Guaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addressed in your partnership (or LLC operating) agreement. Here are the details.

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