Once upon a time, employees could claim home office expenses as a miscellaneous itemized deduction, subject to a 2%-of-adjusted-gross-income floor, if the arrangement was for their employer's convenience. But [...]
Disability insurance is a valuable benefit provided by many employers. It replaces a portion of the insured person’s income — typically 45% to 65% of pre-disability earnings — after a [...]
Businesses in economically distressed communities often have difficulty obtaining capital for expansion, equipment, facilities and other investments. The New Markets Tax Credit (NMTC) encourages private investment in these underserved [...]
Whether you’re filing your 2025 individual income tax return or planning for 2026, it’s important to know if you can deduct vehicle-related expenses. A change that was made permanent by [...]
If you had significant medical expenses last year, you may be wondering what you can deduct on your 2025 income tax return. Income-based thresholds and other rules can make [...]
Year end is here, but there's still time for individual taxpayers to make moves to lower their 2025 tax bills. The One Big Beautiful Bill Act (OBBBA), which became [...]
There's still time for small businesses and their owners to implement strategies to save taxes for 2025. Traditional strategies continue to be valuable, but the One Big Beautiful Bill Act [...]
Life is full of changes, and many significant milestones can affect your tax situation in unforeseen ways. Whether you're getting married, welcoming a new child, starting a new job [...]
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 [...]
Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help by [...]
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 [...]
Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree [...]
Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The [...]
Some people approach buying a car almost the way they approach marriage, "until death do us part." Others prefer to keep their options open, trading in every few years for [...]
Are you a teacher or other educator who often pays for classroom supplies out of your own pocket? Your main objective is to improve the learning experience of the kids, [...]