Article Highlights: Adjusted Gross Income (AGI) limitation Itemized Deductions List of Over 60 Medical Issues and Their Deductibility In today’s world, where medical costs are soaring, understanding the intricacies of tax-deductible medical expenses is not just beneficial—it’s necessary for effective financial planning. This guide explores the ins and outs of deductible medical expenses, touching on […]
Article Highlights: Understanding Reasonable Cause Abatement What Constitutes Reasonable Cause? How to Apply for Reasonable Cause Relief Who Can Apply? IRS Guidelines on Evaluating Reasonable Cause Grounds Used for Requesting Abatement Exploring First-Time Abatement Penalty Relief Qualifications for First-Time Abatement Is FTA a One-Time Benefit? Scope and Limitations of FTA How to Apply for FTA […]
Hiring for the summer? That’s exciting—until the IRS gets involved. While onboarding interns or part-time help sounds simple enough, summer hiring is one of the most common ways small business owners get tripped up on payroll, compliance, and classification. And yes, even a single misstep—like putting a W-2 employee on a 1099 “just for the […]
Article Highlights: What is Self-Employment Tax? Net Earnings Subject to Self-Employment Tax Comparison: Employee vs. Self-Employment Prepayment and Estimation Exemptions from Self-Employment Tax Issues and Challenges Self-employment tax plays a crucial role in the life of every entrepreneur, freelancer, and business owner. Understanding this tax is essential for anyone who makes their living other than […]
Article Highlights Higher Standard Deduction IRA Options Typical Summer Jobs for Young Adults Self-Employed Parent Employing Your Child Tax Benefits Summer jobs for kids offer more than just extra cash—they provide valuable life lessons and skills that can benefit young individuals in their personal and professional lives. Whether they are saving up for a special […]
On May 22, the U.S. House of Representatives passed a sweeping tax package, advancing a bill that could significantly reshape the federal tax landscape heading into the 2025 filing season. Dubbed by supporters as “The One Big Beautiful Bill,” the legislation now heads to the Senate, where its fate remains uncertain amid partisan disagreement. The […]
June 2025 Individual Due Dates June 2 – Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2024. The FMV of an IRA on the last day […]
Let’s get one thing straight: your business is not a bottomless pit for personal spending. Too often, SMB owners treat their bank accounts like ATMs—dispensing cash on impulse until there’s nothing left for growth, innovation, or even living well. And it’s not just the company’s funds at risk; if you’re constantly pouring personal money into […]
Article Highlights: Annual Filing Requirements Understanding Which Form to File Due Dates and Extensions Online Filing Options Consequences of Late Filing or Non-Filing Monetary Penalties for Filing Non-Compliance Other Considerations Staying Informed and Compliant Navigating the labyrinth of return filing requirements for tax-exempt entities can seem daunting at first glance. However, understanding these requirements is […]
Article Highlights: Americans Living and Working Abroad Extension Requests Report of Foreign Bank and Financial Accounts (FBAR) Statement of Foreign Financial Assets Estimated Tax Payments Estimated Tax Safe Harbors June 16, 2025, is the due date both for Americans living and/or working outside the U.S. to file their 2024 federal income tax returns and for […]