Tax Planning

The tax filing deadline for 2023 tax returns is April 15 this year. If you need more time, you can file for an extension until October 15. In either case, once your 2023 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three […]

The general business credit (GBC) may help certain small businesses cut their federal income tax obligations significantly. This is an “umbrella” credit that encompasses various business-related credits, which are far more valuable than tax deductions. While deductions reduce only your taxable income, tax credits directly offset your tax liability on a dollar-for-dollar basis. Understanding the GBC […]

The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to gather your tax information by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 15 to […]

Once you’re married, you have two options when it comes to filing your annual federal income tax return — married filing jointly or married filing separately. While some couples may find it more tax-efficient to file separately, joint filing often is more advantageous. Benefits of Filing Jointly Married couples who file their federal income tax return […]

The head of household (HOH) federal tax filing status is often misunderstood by taxpayers who might qualify, including single, divorced or legally separated parents, and taxpayers who support adult family members. However, it’s worth exploring, because you could reap substantial savings at tax time. Benefits of HOH Status The IRS enumerates several advantages from qualifying for […]

Do you work from home all or part of the time? If you’re self-employed and meet certain requirements, you can write off a portion of your home office expenses, even if you perform work at other locations. The deduction may be based on the actual expenses you’re able to substantiate — or it may be computed […]

Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid off or terminated from employment, taxes are likely the last thing on your mind. However, there are tax implications due to your altered employment circumstances. Depending […]

With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free. However, earnings used for other purposes may be subject to income tax plus a […]

A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own company and travel for business, you may wonder whether you can deduct the costs of having […]

As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is through business expense deductions, but not every such expense is deductible. Here’s what to know about the expenses that you can — and can’t — […]