
Understanding the New Above-the-Line Tax Deduction for Qualified Tips
Tax Credits, Tax Reform, Tax TipsArticle Highlights:
Prior Law on Tip Reporting and Employer Requirements
Introduction of the Above-the-Line Deduction for Qualified Tips
Above-the-Line Deductions
Qualified Tips Definition
Tips in Business Operations
When…

Think the IRS Is Slowing Down? Why That Might Actually Increase Your Audit Risk
Audit, Tax TipsYou’ve probably seen the headlines:
“IRS funding slashed.” “Audit rates down.” “Staffing cuts.”
If you’re a business owner, investor, or part of a high-earning household, you may be thinking: Finally, some breathing room.
But…

Navigating IRS Penalty Abatement
Tax Tips, TaxesArticle 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…

Tax Bill Clears the House: What It Means for Americans and What’s Next
2025 Taxes, Tax News, Tax Tips, TaxesOn 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,”…

Important June 2025 Due Dates
2025 Due Dates, Tax Planning, Tax TipsJune 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.…

Understanding Filing Requirements and Non-Compliance Penalties for Exempt Organizations
Tax Credits, Tax News, Tax Planning, Tax Reform, Tax Tips, TaxesArticle 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…

Taxpayers Living Abroad, June 16, 2025, Is an Important Filing Deadline
2025 Due Dates, Financial Planning, Personal Finance, Tax Planning, Tax TipsArticle 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…

Maximize Your Tax Savings: A Small Business Owner’s Guide to Essential Tax Deductions
Tax TipsWe’ve seen firsthand how optimizing your tax deductions can create real, measurable benefits for your business. With inflation driving up expenses and economic uncertainty still lingering, small business owners need every strategic advantage…

Unlock Savings: How the Child and Dependent Care Credit Can Ease Your Childcare Costs
Financial Planning, Savings, Tax Planning, Tax Tips, TaxesArticle Highlights:
Qualifying Expenses
Whose Care Qualifies
Filing Requirements for Married Taxpayers
Maximum Amount of Expenses Eligible
Imputed Income for Disabled or Full-Time Student Spouse
Credit Percentages Based…

Navigating the Complexities of Estimated Tax Payments to Avoid Underpayment Penalties
Personal Finance, Tax Planning, Tax TipsArticle Highlights:
The Intricacies of Estimated Safe Harbors
Understanding Underestimated Penalties
Estimated Safe Harbors
Ratable Payments Requirement
Uneven Quarters and Computing Penalties
Workarounds: Increasing Withholding…