How to Deduct Disaster Losses on Taxes for Individuals
The federal tax law provides relief if a disaster—such as a fire, flood, or hurricane—damages your personal (non-business) property, including your home, belongings, and vehicle. You may be able to deduct these disaster losses from your taxable income, but the rules are complex and often restrictive. Recent changes to the law have expanded eligibility, allowing […]
Retirement Plan Options for a Single-Owned C or S Corporation
Because you operate your business as a solely owned corporation (C or S) with no employees, several excellent retirement plans are available to you that can provide significant tax deductions and help you build wealth for retirement. The options for single-owned corporation retirement are varied and can be tailored to your needs. Some of the […]
Last Chance to Claim the 2021 Employee Retention Credit
If your business has not yet claimed the 2021 Employee Retention Credit (ERC), you still have time—but you must act soon. What Is the ERC, and How Much Can You Claim? The ERC is a refundable tax credit designed to support businesses that retained employees during the COVID-19 pandemic. For the 2021 tax year, eligible […]
Steps to Take if you Miss an Estimated Tax Payment
Missing an estimated tax payment can result in non-deductible penalties. Make timely payments via IRS Direct Pay or EFTPS—secure and convenient methods to help you avoid the penalties. Here’s what to know: If you want to discuss estimated tax payments, contact us today!
Tax-Free Home Sale: Home Sale Exclusion, When and Why to Report it to the IRS
You’re probably aware that when you sell your home, you may exclude up to $250,000 of your gain from tax if you’re unmarried (or married, filing separately) and $500,000 if you are married and file jointly. To claim the whole exclusion, you must have owned and lived in your home as your principal residence for an […]
Tax Planning Updates: Inherited IRAs
If you have inherited an individual retirement account (or may someday inherit) IRAs, the 2025 changes may significantly impact your tax planning. Key Updates Spouses and Special Cases Planning Strategies Strategic withdrawals can help you avoid higher tax brackets. For example, spreading withdrawals evenly over 10 years can minimize tax impact. Timing withdrawals based on […]
Six Things To Know About 529 Withdrawals
The big advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free—and usually state-income-tax-free too. What you may not know is that not all 529 withdrawals are tax-free qualified withdrawals, even in years when you have heavy college costs. Here are six important points to know about 529 withdrawals. Point No. 1: You Usually […]
2024 Last-Minute Tax Tips For Your Stock Portfolio
When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2024 income taxes. The tax code contains the basic rules for this game, and once you know the rules, you can apply the correct strategies. Here’s the gist: Think of […]
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 […]
2024 Last-Minute Tax Deductions for Existing Vehicles
December 31 is just around the corner! That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2024 taxes. Don’t wait, get on this now! 1. Take Back Your Child’s or Spouse’s Car and Sell It We know—this sounds horrible. […]