Gather Your Tax Documents Now for Less Filing Stress
My hope for you this first quarter of 2025 is simple: That you have the most stress-free tax season possible. For that to happen, you have to start NOW – primarily, to get a jump start on gathering your documents. Life gets away from you, I know – the kids’ basketball games, work deadlines that keep piling […]
New Tax Credits for Electric Vehicles (EVs)
If you’re in the market for a new car, the federal government would like you to purchase an electric vehicle (EV) or plug-in hybrid EV (PHEV). In 2022, Congress enacted the Inflation Reduction Act, which revamped and expanded tax credits for EVs purchased during 2023 and later. As a result of the new law, there […]
IRS Penalties & Strategies for Relief
If you’ve recently been billed by the IRS with the claim that you owe a penalty for late filing, late payment, or missed employment tax deposits, we urge you to pause before making any payment. You may not have to pay that penalty at all. The IRS often imposes steep penalties for filing tax returns […]
Decreasing Your Social Security & Medicare Taxes
Here are some important updates and strategies regarding Social Security and Medicare taxes that may significantly impact your business. These strategies can help you reduce your self-employment taxes. Social Security update For 2024, the Social Security tax ceiling increased to $168,600, resulting in a maximum Social Security tax of $20,906 for high-earners. The Social Security […]