Major Tax Sunset on the Horizon
Tax Credits, Tax News, Tax Planning, Tax Tips, TaxesArticle Highlights:
Estate and Gift Tax
Personal Exemptions
Standard Deductions
Home Mortgage Interest Deduction
Limitation on Tax Deductions (SALT)
Suspension of Tier 2 Miscellaneous Itemized Deductions
Suspension of…
8 Steps to Avoid Common Tax and Accounting Mistakes
Tax Planning, Tax Tips, TaxesSuccessfully steering a small business involves adeptly managing its financial intricacies. Amid the myriad responsibilities, tax and accounting often prove to be a potential minefield for entrepreneurs, with common mistakes capable of significantly…
E-File Mandate - Reporting of Cash Payments Over $10,000
2024 Taxes, Business, Tax News, Tax Planning, TaxesArticle Highlights:
Reason for Form 8300
E-File Mandate
Waiver
Exemptions
Late Returns
Late Filing Penalties
Record Keeping
E-File
Starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form…
Coming Soon – Business Beneficial Ownership Reporting
2024 Due Dates, 2024 Taxes, Business Development, Tax Reform, Tax Tips, TaxesArticle Highlights
Corporate Transparency Act (CTA)
Financial Crimes Enforcement Network (FinCEN)
Companies Required to Report Beneficial Ownership Information
Who is a Beneficial Owner
Filing Due Dates
Penalties
Updates
…
IRS Expands Requirement to E-File Information Returns Starting in 2024
Tax News, Tax Reform, Tax Tips, TaxesArticle Highlights:
New Lower threshold for e-filing information returns
Why the e-filing mandate?
What is an Information Return?
Other affected filings
Corrected information returns
Noncompliance Penalties
Waivers
…
Taxes and Holiday Gift Giving
Deductions, Holidays, Tax Tips, TaxesArticle Highlights:
Watch Out for Holiday Gift Scams
Gifts with Tax Benefits
Gift of College Tuition
Gift of College Student’s Supplies
Payoff of Student Loan Debt
Clean Car Credit
Qualified Tuition Programs
Qualified…
Cracking the (Tax) Code: Your Guide to Tax Jargon
Tax Tips, TaxesDo taxes have you feeling like you've stumbled into a secret society with its own language? You're not alone! The world of taxes is full of jargon that can leave even the savviest of individuals scratching their heads. But don't worry, we’re…
Tax Benefits for Members of the Military
TaxesArticle Highlights:
Service Member and Spouse Residence or Domicile
Non-Taxable Allowances
Combat Zone Exclusion
Home Mortgage Interest Deduction
Home Property Tax Deduction
Home Sale Gain Exclusion
Moving Deduction
…
Made a Mistake on Your Tax Return, so What Happens Now?
Tax Planning, Tax Tips, TaxesArticle Highlights:
Tax Return Mistakes are Common
Fixing Tax Return Mistakes
Amended Return
Superseding Return
Don’t Procrastinate in Responding to IRS
Common Family Tax Mistakes
Generally speaking, tax return mistakes…
Mid-Year Tax Planning Checklist 2023
Tax Planning, Tax Tips, TaxesArticle Highlights:
Mid-Year Planning
Avoiding Unpleasant Surprises
Events That Have Tax Consequences
Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced…