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For years, one of the most common frustrations we’ve heard from clients who take the standard deduction goes something like this: “I give thousands of dollars to charity every year, but I can’t claim any of it on my taxes.” And unfortunately, that frustration has been justified. Under current law, charitable deductions are only available […]

Business travel can be exciting, new places, new opportunities, maybe even a decent hotel breakfast. But if you want to claim tax deductions for your trip, you need to play by the IRS’s rules when documenting your expenses. Here’s what to know to keep your records airtight (and your deductions safe). Corporation vs. Sole Proprietor:

If your kids work in your business, you might already appreciate the extra help (and the built-in trust factor). But here’s something you might not know: You can also give them education benefits and structure it so it’s a win-win for both of you: Your business gets a tax deduction Your child receives tax-free education

So, you’re thinking about taking the leap ditching the 9-to-5, becoming your own boss, and joining the growing wave of self-employed go-getters. Sounds empowering, right? It can be. But before you order those “CEO of Me” business cards, let’s have a real talk about one thing most people overlook in the excitement: taxes. Because while

If you formed an S corporation to save on self-employment taxes, you probably know that getting your S corporation salary right is critical. But, is your salary: Nonexistent? Too low? Too high? Just right? Let’s dive into why getting your salary right matters and how to determine what it should be. Setting your salary too

When you think about your worst tax nightmare, what comes to mind? Is it identity theft? Running out of money to pay your taxes? Or maybe this: finding out that your CPA, enrolled agent, or tax preparer hasn’t filed your taxes for years—despite you thinking it was all taken care of. This was the unfortunate

The tax law has long been harsh on hobbies, but recent tax reforms have made things even worse. If you’re running a hobby or an activity that could be classified as a hobby by the IRS, you might want to take a hard look at your situation. The consequences could be much more painful than

Ponzi schemes are unfortunately still a threat to investors. In 2024 alone, authorities uncovered 60 alleged Ponzi schemes involving $3.25 billion in investor funds—the highest amount since the Great Recession. If you’ve fallen victim to a Ponzi scheme, there’s some good news on the tax front: the IRS tax-favored Ponzi scheme loss deduction rules remain

If you’ve made a depreciation error in the past, there’s no need to worry, good news is on the way. Here’s what you need to know about fixing this mistake and how it could actually benefit you. Good News: No IRS User Fees First, the IRS user fees which can range from $2,000 to $10,000

In the U.S., we have a “pay-as-you-go” tax system, which means you must pay your taxes throughout the year as you earn income whether through withholding, estimated tax payments, or a combination of both. If you don’t pay enough tax during the year, the IRS can charge you a penalty. This penalty is not deductible,