An HSA Can Help Fund Your Retirement
The Health Savings Account (HSA) was designed to help taxpayers with high-deductible health insurance save for medical expenses, but it can also be a powerful retirement planning tool. With [...]
Red Flags That Could Trigger an IRS Audit
Keeping up with ever-evolving tax laws can be challenging for individuals and small business owners. Because the IRS continuously refines its systems for detecting errors and inconsistencies, it's important [...]
Delinquent Taxpayers May Experience Passport Issues
Let's say a person is planning to take a plane trip out of the country. And further suppose that individual owes the federal government a fair amount of back taxes. [...]
Tying the Knot With Another Company
Acquiring another company and merging it with your business can be the most efficient way to grow. But many acquisitions don't pay off and it's often management issues — [...]
Claiming Bad Debt Loss Deductions
The issue of individual taxpayers deducting bad debt losses has historically been a source of tension with the IRS. Here's what you need to know to get the best [...]
Federal Tax News for Individuals
Taxes can affect your passport Seriously delinquent tax debt (SDTD) could put your passport at risk (unless an exception applies). SDTD is a legally enforceable, unpaid federal tax assessment. [...]
Can I Itemize Deductions On My Tax Return?
You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because [...]
Reporting Digital Assets on Your 2024 Tax Return
A current IRS hot button is federal income tax reporting of digital-asset transactions. The government is concerned that some taxpayers fail to report the results of digital-asset transactions on their federal [...]
Federal Estate and Gift Tax Outlook 2025
The Tax Cuts and Jobs Act (TCJA) significantly increased the unified federal estate and gift tax exemption through the end of 2025. However, for 2026, it's currently scheduled to [...]
Ready, Set, Fire: 8 Tax Deductions You Might Not Know About
Years ago, many taxpayers itemized deductions instead of claiming the standard deduction. But fewer taxpayers are itemizing today due to a bevy of changes in the Tax Cuts and Jobs [...]
Do You Have Questions About Taking IRA Withdrawals? We’ve Got Answers
Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA, SIMPLE IRA and SEP IRA. [...]
How Section 1231 Gains and Losses Affect Business Asset Sales
When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains [...]
The Standard Business Mileage Rate Increased in 2025
The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating [...]
Maximize Your 401(k) in 2025: Smart Strategies for a Secure Retirement
Saving for retirement is a crucial financial goal and a 401(k) plan is one of the most effective tools for achieving it. If your employer offers a 401(k) or [...]
Operating as a C corporation: Weigh the Benefits and Drawbacks
When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and disadvantages that may significantly affect your business [...]