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The 2025 IRS Dirty Dozen: Tax Scams to Watch Out For
Each year, the IRS releases its Dirty Dozen list to warn taxpayers, businesses, and tax professionals about common tax scams. These schemes put personal and financial information at risk, often leading to identity theft and fraudulent tax filings. While many scams...
Don’t Cheat Yourself: Get Partner-Paid Expenses Right
If you’re a member of a multi-member LLC taxed as a partnership (as most are) or a traditional partnership, you may occasionally pay for business expenses out of pocket. These expenses—ranging from travel and meals to car expenses, continuing education, professional...
How to Pay Yourself as a Business Owner
One of the most common questions business owners have is how to pay themselves properly. The right method depends on your business structure, and choosing the correct approach can impact your taxes and compliance. Here’s a quick guide to help you navigate this...
Tax-Free Home Sale: When and Why You Need to Report to the IRS
Did you know that when you sell your home, you may be able to exclude up to $250,000 of your gain from taxes if you're unmarried (or married, filing separately) and up to $500,000 if you're married and file jointly? Eligibility for the Exclusion To claim the full...
Missed an Estimated Tax Payment? Here’s What You Need to Know
Did you miss your last estimated quarterly payment? If so, it can result in non-deductible penalties. To avoid these, make sure to use IRS Direct Pay or EFTPS—both secure and convenient methods. Key Points to Keep in Mind Due Dates: For the 2024 tax year, payments...
2024 Last-Minute Vehicle Purchases to Maximize Tax Savings
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...
Maximize Your 2024 Tax Savings with These Six Strategies
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...
Three key tax tips for holiday business expenses
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...
IRS Warns of Post-Hurricane Charity Scams; Provides Resources to Verify Legitimate Organizations
Following Hurricanes Milton and Helene, the IRS is urging taxpayers to stay vigilant against scammers posing as charitable organizations to steal personal and financial information from unsuspecting donors. Fake charities often appear after natural disasters and other...