News

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...

Are you thinking of getting married or divorced? If so, consider December 31, 2024, in your tax planning.  Here’s another planning question: Do you give money to family or friends (other than your children who are subject to the kiddie tax)? If so, you need to consider the zero-tax...

Dogs, cats, and other household pets are expensive. Owners spend an average of $1,270 to $2,800 to own a dog. Can you ever deduct these costs from your taxes? The expenses for a family pet that provides you only with love and companionship are never deductible. They are purely...

Wow, how time flies! Yes, 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. But don’t wait. Get on this now! 1. Take Back...

Here’s an easy question: Do you need more 2024 tax deductions? If the answer is yes, continue reading.  Next easy question: Do you need a replacement business vehicle?  If so, you can simultaneously solve or mitigate the first problem (needing more deductions) and the second problem (needing a replacement...

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, I urge you to pause before making any payment. You may not have to pay that penalty at all. The IRS often imposes...

The purpose of this letter is to reveal how you can get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less...

Here are some key points about renting personal property, which includes equipment, vehicles, and furniture. The tax treatment differs from real estate rentals, and how you classify the rental activity will affect how you report income, expenses, and potential self-employment tax. Classification of Personal Property Rentals The tax code...

If your tax return shows a refund, you probably expect the IRS will pay that total amount when it processes your tax return. Unfortunately, this is not always the case.  The Treasury Department can and does deduct from your tax refund certain debts owed to various government agencies. Such...

Do you have a health savings account (HSA)?  If so, you have one of the best tax-advantaged accounts. HSAs provide a unique triple tax benefit:  Indeed, there is only one thing wrong with HSAs: you cannot make contributions after you enroll in Medicare (usually at age 65).  If you...

As you may be aware, the qualified business income (QBI) deduction introduced by the Tax Cuts and Jobs Act provides a valuable tax-saving opportunity for business owners like yourself.  Unfortunately, the QBI benefit expires after 2025, so there is a limited window of time to maximize this deduction. The...

The clock continues to tick. Here are the upcoming deadlines for filing your Business Ownership Information (BOI) reports with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Deadlines If your business existed as of January 1, 2024, you must file your BOI report by January 1,...