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IF YOU’RE MARRIED, SHOULD YOU FILE JOINTLY OR SEPARATELY?
Married couples can choose between two filing statuses when submitting their 2025 federal income tax returns: married filing jointly or married filing separately. This decision affects your standard deduction, eligibility for certain tax benefits, tax brackets, and overall tax liability. The better option depends on your specific circumstances. In most
THE NANNY TAX: WHAT HOUSEHOLD EMPLOYERS NEED TO KNOW
Hiring household help, whether you employ a nanny, housekeeper or gardener, can significantly ease the burden of childcare and daily chores. However, as a household
THE AMOUNT YOU AND YOUR EMPLOYEES CAN SAVE FOR RETIREMENT IS GOING UP SLIGHTLY IN 2025
How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living
BUSINESS OWNERS: BE SURE YOU’RE PROPERLY CLASSIFYING CASH FLOWS
Properly prepared financial statements provide a wealth of information about your company. But the operative words there are “properly prepared.” Classifying information accurately isn’t always
BUSINESSES MUST STAY ON GUARD AGAINST INVOICE FRAUD
Fraud is a pernicious problem for companies of all shapes and sizes. One broad type of crime that seems to be thriving as of late
UNDERSTAND THE $7,500 ELECTRIC VEHICLE TAX CREDIT
Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the electric vehicle share of the vehicle market in the U.S. was
6 TAX-FREE INCOME OPPORTUNITIES
Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your
CRAFT PARTNERSHIP AGREEMENTS AND LLC OPERATING AGREEMENTS WITH PRECISION
Partnerships are often used for business and investment activities. So are multi-member LLCs that are treated as a partnership for tax purposes. A major reason
ARE YOU LIABLE FOR TWO ADDITIONAL TAXES ON YOUR INCOME?
Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on
UNDERSTANDING TAXES ON REAL ESTATE GAINS
Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain