Archive for Taxes
Received a 1099-K? What You Should Be Concerned About
This article explores the origins, purposes, and applications of Form 1099-K
The Tax Implications of Addiction
Navigating the complexities of drug and alcohol addiction poses not only profound personal and health challenges but also significant financial and tax-related hurdles.
One Big Beautiful Bill Act: The Impact of 2025 Tax Overhaul
The year 2025 marks a pivotal moment for taxpayers across the nation as sweeping changes take effect, ushered in by the One Big Beautiful Bill Act (OBBBA) and the delayed implementation of other significant legislative provisions. This update is a must-read for every taxpayer seeking to navigate the tax landscape and optimize their financial strategies. […]
Trump Accounts – Seed Money for Your Newborn Children
A new opportunity has been created for American families to set up tax-advantaged savings accounts for their children younger than 18 with Trump Accounts.
Tax Implications of Downsizing
What Baby Boomers and Gen X Need to Know Remember when “downsizing” was something you did to your closet every spring? Now, it’s a buzzword for a major financial move: selling the big family home to streamline expenses, pocket extra cash, or fund that dream RV trip. Especially for Baby Boomers and Gen Xers stepping […]
“Flash”- BOI Reporting Temporarily Halted Again
We no sooner sent out a reminder about the pending March due date for BOI reporting and FinCEN declared a temporary halt on the imposition of fines, penalties, or any enforcement actions against organizations that fail to file or update Beneficial Ownership Information (BOI) reports. This suspension will remain in effect until the issuance and implementation of […]
IRS Layoffs in Mid-Tax Season: Potential Impacts on Tax Filings and Refund Delays
In a significant shift impacting the tax landscape, the Internal Revenue Service (IRS) is projected to lay off approximately 6,700 employees right in the middle of tax season.
Not Required to File a Tax Return? You May Be Missing Out on Sizeable Tax Credit Refunds
Many individuals may find themselves earning below the income thresholds that require them to file a federal income tax return. However, even if you are not required to file, doing so may be beneficial. This article will explore the filing thresholds for 2024, the potential benefits of filing a tax return even when one isn’t […]
How Biden’s Rescue Plan Might Impact Your Taxes
President Biden released his “American Rescue Plan” on January 14. It is a wish list of proposals he wants Congress to enact to address the COVID-19 pandemic and associated economic crisis.
Obscure and Overlooked Tax Deductions, Credits, and Benefits
Article Highlights: State Income Tax Refund Social Security Taxes Deduction NOL Carryback Charitable Contribution Deduction for Non-Itemizers PPP Loan Expenses Military Reservist Travel Expenses Child’s Private School Expenses Student-Loan Interest Extended Tax Benefits Gambling Losses Live in a State without a State Income Tax? Spousal IRA Economic Impact Payment Economic Impact Payment Document Reinvested Dividends […]