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As 2024 comes to an end, business owners should consider these two key questions: Are you in need of a replacement business vehicle—be it a car, SUV, van, or pickup truck?  Do you want to take advantage of tax deductions and credits before the year ends? If you...

This guide will help you legally reduce your tax liability and, in some cases, even get the IRS to owe you money. While a direct payment from the IRS is unlikely, you can realize significant savings by lowering your taxable income. Below are six actionable business...

Can you believe Thanksgiving is just around the corner? The holiday season will be here in a blink of an eye, and there is no better time to show gratitude to your employees and customers. However, knowing what should be considered a business deduction for holiday...

Does your business classify workers as independent contractors instead of employees? You should know that the U.S. Department of Labor is trying to make it harder for all businesses to use independent contractors. The Department of Labor enforces the Fair Labor...

Beware of Tax Relief Scams and Understanding Your Options The Internal Revenue Service (IRS) is issuing a cautionary reminder to taxpayers about the pitfalls of falling for schemes peddled by companies that claim they can settle tax debts for a fraction of the amount...

One significant tax benefit of owning residential rental property or non-residential commercial or investment property is depreciation—a deduction you get without spending any additional money. But regular depreciation for real property is slow. Residential rental...

Early withdrawals from a traditional IRA before age 59 1/2 generally incur a 10 percent penalty tax on the taxable portion of the withdrawal. There are several exceptions to this rule that can help you avoid the penalty under specific circumstances. Below, we have...

As we progress through the last half of the year, it's essential to understand what income sources are not subject to taxation. Being aware of tax-free income can help you keep more money in your pocket and make informed financial decisions throughout the year rather...