If a couple gets separated or divorced, it affects tax obligations. The IRS considers couples married for tax purposes until a final decree is issued. After separating or divorcing, update your Form W-4 with your employer and check withholding using… Read more »
Read Full Newsletter »Tax obligations when divorced, tax obligations when seperated
If you still receive federal payments by paper check, you may need to take certain steps soon. Starting Sept. 30, 2025, the federal government will stop issuing paper checks for payments such as tax refunds, Social Security benefits and more…. Read more »
Read Full Newsletter »If your summer chore list includes cleaning out the garage and closets, you might have items to donate to a local charity. That may lead to tax savings, but be aware that you can only claim a deduction for noncash… Read more »
Read Full Newsletter »Do you send money to someone in another country? If so, because of a lesser-known provision of the One Big Beautiful Bill Act, the money you send may be subject to a tax, beginning in 2026. The 1% excise tax… Read more »
Read Full Newsletter »One Big Beautiful Bill Act, Payments sent abroad may be taxable
If you requested an extension to file your tax return after the April 15, 2025, due date, the extended deadline is Wednesday, Oct. 15. If you have the information you need, you may want to file now. There’s no advantage to waiting,… Read more »
Read Full Newsletter »There’s good news for businesses considering buying equipment and other capital assets: The One Big Beautiful Bill Act (OBBBA) dramatically improves first-year depreciation tax breaks. Here’s what you need to know to take advantage. 100% First-Year Bonus Depreciation Is Back… Read more »
Read Full Newsletter »(OBBBA), Business Depreciation Tax Changes under New Law, One Big Beautiful Bill Act
Several provisions of the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, will affect homeowners starting in 2025. These changes are important as you plan for the current tax year, because they may impact whether you… Read more »
Read Full Newsletter »(OBBBA), New Tax Law Includes Major Changes for Homeowners, One Big Beautiful Bill Act
While most taxpayers strive to file honest tax returns, some try to defraud the government. In one case, a Miami man pleaded guilty to hiding more than $20 million in Swiss bank accounts for decades. In the complex case, the IRS… Read more »
Read Full Newsletter »Eligible individuals with disabilities and their family members can use Achieving a Better Life Experience (ABLE) accounts to pay for qualified expenses. These are savings accounts that don’t affect eligibility for government assistance programs. The 2025 contribution limit is $19,000…. Read more »
Read Full Newsletter »Taxpayers living and working abroad have until June 16, 2025, to file their 2024 income tax returns and pay any tax due. This deadline applies to U.S. citizens and resident aliens, including those with dual citizenship. It includes those in the… Read more »
Read Full Newsletter »You filed your tax return and breathed a sigh of relief. Then you realize that you forgot to include something important. In general, you can file an amended return and claim a refund within three years after your original return… Read more »
Read Full Newsletter »Managing payroll can be a major challenge for small business owners, especially as state and federal payroll tax regulations continue to evolve. Missteps in this area aren’t just minor hiccups — they can lead to significant financial penalties and operational… Read more »
Read Full Newsletter »Wrap Your 2025 RMDs to Charity If you’ve reached the age where you must take required minimum distributions (RMDs) from your IRAs and don’t need the extra income, making qualified charitable distributions (QCDs) might be a tax-smart move. Briefly stated,… Read more »
Read Full Newsletter »TechNet, a bipartisan group of tech executives from companies such as Apple, Amazon and Google, communicated its tax priorities to lawmakers in a recent letter. To encourage “innovation, spur economic growth and strengthen the global competitiveness of American businesses,” TechNet… Read more »
Read Full Newsletter »Business owners, beware. Identity theft is a growing threat that can cripple your business or shut it down forever. Signs of business identity theft include the inability to file a tax return because a return has already been filed using… Read more »
Read Full Newsletter »If your business is in the market for new wheels this year, you should know the IRS has released the 2025 depreciation limits for “luxury” business vehicles. For vehicles placed in service in 2025, depreciation limits are as follows: $20,200… Read more »
Read Full Newsletter »To help encourage more people to save for retirement, the SECURE 2.0 Act requires employers with newly established 401(k) and 403(b) plans to enroll workers automatically, starting in 2025. Recently proposed IRS regulations stipulate that automatic enrollment is mandatory for… Read more »
Read Full Newsletter »A valuable business tax credit As of January 2025, the unemployment rate was reported to be 4%. Employers facing hiring challenges may benefit from a valuable one-time federal tax credit available through 2025. The Work Opportunity Tax Credit (WOTC) incentivizes… Read more »
Read Full Newsletter »2025 Depreciation limits for business vehicles, beware identity theft, Federal Tax News for Businesses, small business stock, tax treatment corporations
The Financial Independence, Retire Early (FIRE) movement is a hot trend among Millennials. The idea is to make money fast, save it and grow it quickly to retire as early as possible. This approach requires sacrifices. FIRE advocates recommend living… Read more »
Read Full Newsletter »Fill up your 2024 IRA If you forgot or didn’t have the resources to contribute the maximum amount to your IRA or Roth IRA plan in 2024, there’s still time! Eligible participants have until April 15, 2025, to contribute as… Read more »
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