
Drug & Alcohol Addiction Treatments May Be Tax Deductible
Deductions, Tax TipsArticle Highlights:
Potential medical deductions
Medical dependents
Divorced parents
Medical AGI limitations
A taxpayer is allowed an itemized deduction for medical expenses paid during the taxable year and not compensated by…

Tax Benefits Available for Disabled Taxpayers
Tax Credits, Tax Planning, Tax TipsArticle Highlights:
Increased Standard Deduction
Tax-Exempt Income
Impairment-Related Work Expenses
Financially Disabled
Earned Income Tax Credit
Child or Dependent Care Credit
Special Medical Deductions
Qualified…

Is It Better to Have a Tax Credit or a Deduction?
Deductions, Tax Credits, Tax Refund, Tax Tips, TaxesArticle Highlights:
Itemized Deductions
Above-the-Line Deductions
Business Deductions
Asset-Sale Deductions
Refundable Credits
Nonrefundable Credits
Carryover Credits
Business Tax Credits
Tax Deductions –
In one…

Major Tax Sunset on the Horizon
Tax Credits, Tax News, Tax Planning, Tax Tips, TaxesArticle Highlights:
Estate and Gift Tax
Personal Exemptions
Standard Deductions
Home Mortgage Interest Deduction
Limitation on Tax Deductions (SALT)
Suspension of Tier 2 Miscellaneous Itemized Deductions
Suspension of…

2024 Standard Mileage Rates Announced
Deductions, Tax TipsArticle Highlights:
Standard Mileage Rates for 2024
Business, Charitable, Medical and Moving Rates
Important Considerations for 2024
Switching Between the Actual Expense and Standard Mileage Rate Methods
Employer Reimbursements
…

Common IRS Audit Triggers for Small Businesses: How to Avoid Them
Audit, Self-Employment, Small Business, Tax TipsAs a small business owner, the word 'audit' can be a source of anxiety. However, understanding the common triggers for an IRS audit and taking proactive steps can significantly reduce the likelihood of facing one. This article explores the factors…

Great News for Employers Who Received Questionable Employee Retention Credits
Employees, Tax Tips Article Highlights:
Combating Dubious Employee Retention Credit (ERC) Claims
New Voluntary Disclosure Program
Employer Benefits
Applying for the New Voluntary Disclosure Program
When the 80% is Due
Installment Payment Plan
…

8 Steps to Avoid Common Tax and Accounting Mistakes
Tax Planning, Tax Tips, TaxesSuccessfully steering a small business involves adeptly managing its financial intricacies. Amid the myriad responsibilities, tax and accounting often prove to be a potential minefield for entrepreneurs, with common mistakes capable of significantly…

Coming Soon – Business Beneficial Ownership Reporting
2024 Due Dates, 2024 Taxes, Business Development, Tax Reform, Tax Tips, TaxesArticle Highlights
Corporate Transparency Act (CTA)
Financial Crimes Enforcement Network (FinCEN)
Companies Required to Report Beneficial Ownership Information
Who is a Beneficial Owner
Filing Due Dates
Penalties
Updates
…

IRS Expands Requirement to E-File Information Returns Starting in 2024
Tax News, Tax Reform, Tax Tips, TaxesArticle Highlights:
New Lower threshold for e-filing information returns
Why the e-filing mandate?
What is an Information Return?
Other affected filings
Corrected information returns
Noncompliance Penalties
Waivers
…