Article Highlights: Who Qualifies as a Day Trader? Pros of Day Trading from a Tax Perspective Cons of Day Trading from a Tax Perspective Other Noteworthy Tax Considerations Day Trader Election Day trading, the practice of buying and selling financial instruments within the same trading day, has gained significant popularity in recent years. With the […]
We’ve seen firsthand how optimizing your tax deductions can create real, measurable benefits for your business. With inflation driving up expenses and economic uncertainty still lingering, small business owners need every strategic advantage they can get. That includes knowing what deductions you’re entitled to and taking steps throughout the year to claim them. The good […]
Article Highlights: Historical Pause in Collections Current Debt Situation Mechanisms of Collection Communication and Engagement Efforts Support and Resources for Borrowers Enhanced Income-Driven Repayment (IDR) Process Outreach and Partnerships: As the U.S. Department of Education charts a new path post-pandemic, one significant move is the resumption of federal student loan collections. This initiative, set to […]
Maximizing Business Deductions: An Introduction to Depreciation, Amortization, and Expensing Article Highlights: MACRS Depreciation Bonus Depreciation Section 179 Expensing Amortization Materials and Supplies Expensing The De Minimis Safe Harbor Rule Expensing Routine Maintenance Expensing Per Building Safe Harbor for Small Taxpayers Expensing In the intricate world of business accounting and taxation, the ability to strategically […]
Taxes can be one of the biggest financial burdens for individuals and businesses alike. Whether you’re looking to keep more of your paycheck, save on property taxes, or enjoy lower sales taxes, some U.S. cities offer a much more tax-friendly environment than others. If you’re considering a major move, it’s worth considering which cities provide […]
Let’s face it: Waiting until December to check your business’s financial pulse is like waiting for your engine to seize before checking the oil. In this economy? Downright reckless. We’re not just talking about garden-variety economic jitters. Tax laws may change, and tariffs are doing the cha-cha with your vendor relationships. A mid-year financial review […]
Article Highlights: Qualifying Expenses Whose Care Qualifies Filing Requirements for Married Taxpayers Maximum Amount of Expenses Eligible Imputed Income for Disabled or Full-Time Student Spouse Credit Percentages Based on AGI Necessary for Gainful Employment Non-Refundable Credit Carryover School Expenses Day Camps vs. Overnight Camps Absences or Part-Time Employment Live-In Caregivers Legal and Ethical Considerations Related […]
Article Highlights: Dirty Dozen Email Phishing Scams Bad Social Media Advice IRS Individual Online Account Help from Scammers: Fake Charities False Fuel Tax Credit Claims Credits for Sick Leave and Family Leave Bogus Self-employment Tax Credit Improper Household Employment Taxes Overstated Withholding Scam Misleading Offers in Compromise Ghost tax return preparers New client scams and […]
Article Highlights: The Intricacies of Estimated Safe Harbors Understanding Underestimated Penalties Estimated Safe Harbors Ratable Payments Requirement Uneven Quarters and Computing Penalties Workarounds: Increasing Withholding and Retirement Plan Distributions Tax planning is a crucial aspect of financial management, yet it often remains underutilized by many taxpayers. One area that frequently causes confusion and potential financial […]
When tax season rolls around, small and medium businesses often feel like they’re juggling flaming torches—one wrong move and everything could come crashing down. Balancing operating expenses with looming tax obligations isn’t just a challenge; it’s an opportunity to optimize your cash flow strategy and safeguard your business’s future. The Tightrope Act of Tax Payments […]