What To Do When You Can’t Pay Your Tax Bill
Taxpayers often discover after their federal income tax returns are prepared that they owe more than expected. If you can't pay your bill in full, you may be unsure [...]
What’s Your Potential Business Vehicle Deduction?
If you used one or more vehicles in your business during 2025, you may be eligible for valuable tax deductions on your 2025 income tax return. Businesses can generally [...]
April 15 is the Deadline for More Than Just Your Income Tax Return
You know your 2025 federal income tax return is due April 15, 2026. But do you know what else has an April 15 deadline? If you don’t, you could miss out on [...]
Parents: Claim All the Tax Credits You’re Entitled To
Raising a family comes with plenty of expenses, but it may also make you eligible for various tax breaks. Some of the most valuable are tax credits, because they [...]
Avoiding IRS Penalties: Strategic Relief Backed by Federal Case Law
IRS penalties are not automatic—and they are often avoidable. Many taxpayers assume that once the IRS assesses penalties, payment is inevitable. That assumption is costly—and often wrong. Federal courts, [...]
If You’re Married, Should You File Jointly or Separately?
Married couples have a choice when filing their 2025 federal income tax returns. They can file jointly or separately. What you choose will affect your standard deduction, eligibility for [...]
Deducting Business Meal and Entertainment Expenses Today
Do you know the current rules for claiming tax deductions for business meals and entertainment? Whether you're wining and dining a prospective customer or taking an employee to lunch, [...]
Take Advantage of SIMPLE-IRA Catch-Up Contributions
If you participate in a SIMPLE-IRA and are age 50 or older, you can make so-called catch-up contributions that are above and beyond what younger participants can contribute. These [...]
Before Claiming a Charitable Deduction for 2025, Make Sure You Can Substantiate It
If you itemize deductions on your 2025 individual income tax return, you potentially can deduct donations to qualified charities you made last year. But your gifts must be substantiated in [...]
When Medical Expenses Are — And Aren’t — Tax Deductible
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 [...]
If You Suffered a Disaster, You May Be Eligible for a Casualty Loss Tax Deduction
Every year, severe storms, flooding, wildfires and other disasters affect millions of taxpayers. Many experience casualty losses from damage to their homes or personal property. The One Big Beautiful [...]
There’s Still Time to Set Up a SEP and Reduce Your 2025 Taxes
If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return. If you choose [...]
Tax Filing FAQs for Individuals
The IRS is opening the filing season for 2025 individual income tax returns on January 26. This is about the same time as when the agency began accepting and [...]
Avoid Mixing Personal and Business Accounts
Small business owners and independent contractors are always looking for ways to save time. If you run your own business (or want to start one), it might seem tempting [...]
Expanding a Corporate Business With a Tax-Free Merger
If a corporate business is seeking to quickly expand, it may be considering one of these options: Gaining control over another corporation's business (the target) indirectly via a merger [...]