Tax Planning

Tax breaks in 2025 and how The One, Big, Beautiful Bill could change them

The, picture, shows, a, surprised, or, wide-eyed, child's, face, surrounded, by, scattered, U.S., hundred-dollar, bills, quarters, dimes, nickels, and, pennies. The, child’s, expression, suggests, amazement, shock, or, excitement, as, they, peek, through, the, pile, of, money, and, coins.
June 11, 2025
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The U.S. House of Representatives passed The One, Big, Beautiful Bill Act on May 22, 2025, introducing possible significant changes to individual tax provisions. While the bill is now being considered by the Senate, it’s important to understand how the proposals could alter key tax breaks. Curious about how the bill might affect you? Here […]
#TaxLaw, #TaxPlanning, #TaxUpdates
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Tax Planning

Digital assets and taxes: What you need to know

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May 28, 2025
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As the use of digital assets like cryptocurrencies continues to grow, so does the IRS’s scrutiny of how taxpayers report these transactions on their federal income tax returns. The IRS has flagged this area as a key focus. To help you stay compliant and avoid tax-related complications, here are the basics of digital asset reporting. […]
#CryptocurrencyReporting, #CryptoTax, #DigitalAssets, #IRSCompliance
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Tax Planning

How working in the gig economy affects your taxes

Image, shows, bold, text, "The, Gig, Economy,", with, the, note, "Don't, forget, taxes!", alongside, gears, symbolizing, the, moving, parts, and, tax, responsibilities, of, gig, work.
May 21, 2025
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The gig economy offers flexibility, autonomy and a way to earn income, but it also comes with tax obligations that can catch many workers off guard. Whether you’re driving for a rideshare service, delivering food, selling products online or offering local services like pet walking, it’s crucial to understand the tax implications of gig work […]
#EstimatedTaxes, #SelfEmploymentTax, #TaxPlanning
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Tax Planning

Corporate business owners: Is your salary reasonable in the eyes of the IRS?

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May 5, 2025
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Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to penalties, back taxes and interest. But by proactively following certain steps, owners can help ensure their compensation is seen […]
#BusinessTax, #IRSCompliance, #SmallBusinessTips, #TaxPlanning
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Tax Planning

What tax documents can you safely shred? And which ones should you keep?

A, person, in, business, attire, is, shredding, a, document, using, an, office, paper, shredder, with, shredded, paper, visible, around, the, machine.
April 23, 2025
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Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the shredder or delete button, remember that some paperwork still has two important purposes: Protecting you if the IRS comes calling for an audit, and Helping […]
#AuditProtection, #IRSRecords, #TaxDocumentRetention, #TaxTips2025
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