Many types of retirement plans allow contributions to be made after year end. And last-minute retirement contributions can be a powerful strategy: You can lower your 2024 taxes while [...]
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 [...]
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 [...]
Gambling can be a fun pastime or a serious professional endeavor. Either way, winnings are taxable income. Yet, as recently reported by the Treasury Inspector General for Tax Administration (TIGTA), [...]
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 [...]
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 [...]
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 [...]
Gambling winnings are taxable It's fun to win money, but don't forget, it is also taxable. But a recent report by the Treasury Inspector General for Tax Administration (TIGTA) [...]
Employee stock options remain a potentially valuable asset for employees who receive them. For example, many Silicon Valley millionaires got rich (or semi-rich) from exercising stock options when they [...]
With the 2025 tax year almost here, there's news from the IRS about retirement savings. According to a recent announcement from the tax agency (Notice 2024-80), there will be [...]
With the tax year winding down, it's time to evaluate your personal tax situation. Will you claim the standard deduction or itemize deductions on your 2024 tax return? The [...]
The Tax Cuts and Jobs Act (TCJA) virtually doubled the standard deduction through 2025. So fewer taxpayers are itemizing deductions these days. Instead, more people are claiming the standard deduction. [...]
Are the costs of holiday parties tax deductible? Despite a recent crackdown on business entertainment expense deductions, your company's holiday bash may still qualify for write-offs for the 2024 tax [...]
The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before it’s too late. On [...]
As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect [...]