Tax Records: What Can You Toss and What Should You Keep?
Generally, the IRS has three years to audit a tax return, from the later of the due date of the return or the date you file. You can also file… Read More
Financial Cents
Handling Large Cash Transactions
A reminder for businesses: Within 15 days of a $10,000 transaction, you must use IRS Form 8300 to report the transactions. If you file electronically, forms are delivered to the… Read More
A Strategy to Raise Your Medical Expense Deduction
With a little planning, you may be able to boost your itemized medical expense deduction when you file your 2024 tax return next year. Only eligible expenses exceeding 7.5% of… Read More
Have You Recently Reviewed Your Life Insurance Needs?
At one time, life insurance played a much larger part in an estate plan than it does now. Why? Families would often use life insurance payouts to pay estate taxes.… Read More
Retirement Saving Options for Your Small Business
If you’re looking for a retirement plan for yourself and your employees but worried about the financial commitment and administrative burdens involved, there are some options to consider. One possibility… Read More
Deductions vs. Credits: What’s the Difference?
One of the most common misunderstandings about filing an income tax return is the difference between deductions and credits. Deductions reduce the amount of a taxpayer’s income before tax is… Read More
Tracking Down Donation Substantiation
If you’re like many Americans, your mailbox may have been filling up in recent weeks with letters from your favorite charities acknowledging your 2023 donations. But what happens if you… Read More
How to Secure a Tax Benefit with the QBI Deduction
QBI may sound like the name of a TV quiz show. But it’s actually the acronym for “qualified business income,” which can trigger a tax deduction for some small business… Read More
Traveling for Business in 2024? What’s Deductible?
If you and your employees will be traveling for business this year, there are many factors to keep in mind. Under the tax law, certain requirements for out-of-town business travel… Read More
The Advantages of LLC Structure for a Small Business
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a… Read More
One Reason to File Your 2023 Tax Return Early
The 2023 individual income tax return filing season will open soon. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an… Read More
Use the Tax Code to Make Business Losses Less Painful
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset… Read More