Article Highlights: Transactions With a Profit Motive Eligibility Criteria for Profit-Driven Casualty Losses Profit Motive Type of Transaction Nature of Loss Application of IRS Guidance Some Not So Good Tax Ramifications Examples Navigating the tax implications of scams and theft losses can be complex, especially considering legislative changes that generally limit casualty and theft losses […]
January 2026 Individual Due Dates January 2 – Time to Call For Your Tax Appointment – January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January 12 – Report Tips to Employer – […]
Article Highlights: Annual Loss Limit Navigating Wash Sale Rules Recognizing Year-End Gains and Losses Donating Appreciated Securities Managing Employee Stock Options Dealing with Worthless Stock Leveraging the Zero Capital Gain Rate Netting Gains and Losses As the year draws to a close, taxpayers with substantial stock holdings have a unique opportunity to engage in strategic […]
The end of the year always sneaks up faster than we expect. One minute it’s pumpkin spice season, the next you’re staring down year-end deadlines, open enrollment, and tax planning checklists. But here’s the truth: November and December are the most important months of the year for your financial health. It’s when you can still […]
Article Highlights: Time to Gather Your Information New for 2025 Choosing Your Alternatives Tips for Pulling Your Information Together Tax time is just around the corner, and if you are like most taxpayers, you are probably facing the ominous chore of compiling records in preparation for your tax appointment—whether in person, by videoconference or telephone. […]
Article Highlights: MACRS Depreciation Bonus Depreciation Section 179 Expensing Amortization Materials and Supplies Expensing The De Minimis Safe Harbor Rule Expensing Routine Maintenance Expensing Per Building Safe Harbor for Small Taxpayers Expensing In the intricate world of business accounting and taxation, the ability to strategically deduct expenses can significantly impact a company’s financial health and […]
Article Highlights: 1099-NEC Filing Requirements Filing Due Date Independent Contractor Filing Threshold Landlords Additional Filing Requirements Form W-9 Household Workers Penalties Endeavors to Mitigate Penalties Worksheet This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for 2025, you are […]
Article Highlights: The Purpose and Function of an LLC Pros and Cons of Choosing An LLC Advantages Disadvantages Does an LLC Need Liability Insurance? Does an LLC Provide Protection Nationally? When to Choose an LLC The Path Forward: Making an Informed Decision An LLC (Limited Liability Company) is a flexible business structure that creates […]
Article Highlights: De Minimis Fringe Benefits Cash Gifts Gift Certificates and Debit Cards Non-cash Vouchers Group Meals Tax Compliance and Planning It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a fair market value so low that it is impractical and […]
December 2025 Individual Due Dates December 1 – Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2025. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2025 should call for a […]