Tax

You think planning a wedding ceremony is complicated? Wait till you see the possible tax issues involved. If you are getting married this year, there is a long list of things you need to be aware of and plan for before tying the knot that can have a significant impact on your taxes. And there… View Article

Some headlines say a recession’s coming. Others say the economy’s surprisingly strong. Meanwhile, you’re over here trying to run a business and wondering if you should be stepping on the gas or tapping the brakes.  Here’s the truth: No matter what happens next, cash flow will decide who weathers the storm… and who gets caught… View Article

On January 4, 2025, President Biden signed into law the Social Security Fairness Act, a significant milestone in addressing long-standing issues within the Social Security system. This new legislation eliminates two controversial provisions: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These provisions have historically reduced the Social Security benefits of certain… View Article

Navigating the labyrinth of return filing requirements for tax-exempt entities can seem daunting at first glance. However, understanding these requirements is crucial for maintaining your organization’s tax-exempt status and ensuring compliance with the Internal Revenue Service (IRS). This comprehensive guide will walk you through the various forms that may need to be filed, their specific… View Article

It starts small. Fewer cars on the dealership lot. Half-empty restaurants on a Friday night. A “maybe next year” when customers talk about their next big vacation.  It’s not your imagination. Consumer behavior is shifting — and small businesses are feeling it.  When uncertainty rises (tariffs, policy shifts, rising prices), people don’t always rush to… View Article

You did it! You worked hard, saved consistently, and now you’re either enjoying retirement—or it’s just around the corner. You’ve been told for years to put money into retirement accounts, defer taxes, and wait for the golden years. But wait… no one told you? Retirement might be your highest-taxed phase yet. Seriously. Between Social Security… View Article

When managing finances, both individuals and businesses often seek ways to minimize their tax liabilities through deductions. However, not all expenses qualify as tax deductions, and penalties are a particularly tricky area. This article explores whether penalties can be deducted as business expenses or itemized deductions, providing clarity on a topic that often confuses taxpayers…. View Article

In today’s competitive business environment, offering a retirement plan can be a significant advantage for small businesses looking to attract and retain talented employees. However, the costs associated with setting up and maintaining these plans can be a barrier for many small employers. Fortunately, the Internal Revenue Code (IRC) provides a valuable incentive through Section… View Article

An Offer in Compromise (OIC) is a program offered by the Internal Revenue Service (IRS) that allows taxpayers to settle their tax debts for less than the full amount owed. This program is particularly beneficial for individuals who are unable to pay their full tax liability or if doing so would create a financial hardship…. View Article

When tax season rolls around, small and medium businesses often feel like they’re juggling flaming torches—one wrong move and everything could come crashing down. Balancing operating expenses with looming tax obligations isn’t just a challenge; it’s an opportunity to optimize your cash flow strategy and safeguard your business’s future.  The Tightrope Act of Tax Payments… View Article