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If you’re thinking about relocating to a new state to lower your tax bill, you’re not alone. With more professionals working remotely and retirees seeking better financial conditions, the tax impact of your state of residence has become a hot topic. While it may seem like moving to a state with no income tax is […]

If you’re making quarterly estimated tax payments, missing a deadline can be expensive. The IRS currently charges a 7 percent penalty for underpayments and since penalties are not tax-deductible, the real financial impact can feel closer to 11 percent. However, there’s good news. With smart planning, it’s often possible to reduce or even eliminate these

The U.S. operates under a “pay as you go” tax system, meaning income taxes must be paid to the IRS throughout the year as income is earned. These payments can be made through withholding, estimated tax payments, or a combination of both. Failing to pay enough tax during the year can result in costly penalties,

If you’re a business owner with no employees and prefer the long-term benefits of Roth-style retirement savings, the Mega Backdoor Roth strategy may be one of the most powerful tools available to you. It allows for contributions far beyond the limits of a traditional Roth IRA, potentially up to $70,000 in 2025, or $77,500 if

The tax code has a way of surfacing in places you might not expect especially when it comes to hiring help around the house. One commonly overlooked area is the nanny tax, which can apply even in temporary or informal household arrangements. If you’ve hired a nanny, caregiver, housekeeper, or similar household worker even on

If you own a vacation home or second property that you rent out, even part-time, there is a recent tax court case worth your attention. It serves as a clear reminder of how important proper documentation and proactive planning are when it comes to rental property deductions. Let’s review what happened and how you can

If you formed an S corporation to save on self-employment taxes, your salary is a crucial part of that strategy. But how do you know if your S corporation salary is correct? If your salary is: Too low – you could face penalties and back taxes.  Too high – you might be overpaying in payroll

Tax season can feel like a juggling act, even more so when unexpected surprises show up in your mailbox. One common culprit? A Form 1099-NEC that reports more income than you actually received. Sound familiar? You’re not alone. At BASC Expertise, we regularly help clients deal with this frustrating situation. And while it can be

As a small business owner, you’re always looking for ways to save money, whether it’s on operations, taxes, or benefits for your employees. One option that has grown in popularity in recent years and could be a great fit for your business is the Health Savings Account (HSA). You may have heard of HSAs before,

What if you could turn your next vacation into a tax-deductible business trip? With some thoughtful planning, you can transform your travel expenses into a legitimate business deduction, giving you significant tax savings. Yes, you heard that right, airfare (even first-class), luxury hotel stays, and even cruise expenses could become deductible, depending on how you