It’s January, and you’re kicking yourself for missing the December 31 tax deadline for key deductions. While it may feel like the window has closed, there’s still good news: many opportunities remain to recoup lost deductions and reduce your taxable income. By taking strategic action now, you can recover missed tax deductions and set yourself up for a smoother tax season next year.
Here’s a step-by-step guide to bounce back and maximize your deductions:
The landscape of New Beneficial Ownership Reporting Requirements has shifted once again. A recent court ruling has temporarily halted enforcement of the Corporate Transparency Act (CTA), which requires businesses to disclose Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). While this decision provides businesses with temporary relief, it also creates uncertainty around future compliance obligations.
The landscape of Beneficial Ownership Information (BOI) reporting has shifted with new beneficial ownership reporting requirements set by the Financial Crimes Enforcement Network (FinCEN). We covered the basics of BOI reporting in a previous blog post, but additional changes have since been introduced that impact a wide range of businesses and individuals required to submit BOI under the Corporate Transparency Act (CTA). If you’re a business owner or manager, understanding these updated requirements is essential to ensure compliance and avoid potential penalties. Here’s a comprehensive look at what’s new and what steps your business should take to meet these updated BOI reporting guidelines.
The IRS has announced vital tax relief for hurricane victims, both for individuals and businesses, affected by two major hurricanes in 2024—Hurricane Helene and Hurricane Milton. Both hurricanes caused widespread damage across several states, and taxpayers in those areas are now eligible for extensions on various tax filings and payments. Here’s what you need to know about the available relief.
As we approach 2025, major tax changes are on the horizon that could significantly impact estate planning. With the expiration of the Tax Cuts and Jobs Act (TCJA), estate tax exemptions could drop from $13.61 million per individual to between $5 million and $7 million — or even as low as $3 million. This upcoming change makes it essential for high-net-worth individuals and families to act now to maximize their estate planning opportunities.
Recent insights from Bank of America CEO Brian Moynihan highlight a noticeable slowdown in consumer spending, impacting small- and medium-sized businesses (SMBs) significantly. Americans’ spending growth has slowed from nearly 10% in May 2023 to about 3.5% this year. To survive and thrive in this changing economic landscape, business owners must adapt and implement proactive strategies.
Underpayment penalties are a common concern for taxpayers and can be substantial if not managed properly. These penalties arise when you fail to pay enough of your tax liability through withholding or estimated tax payments throughout the tax year. Since October 1, 2023, the interest rate for underpayments has been 8% per year, compounded daily, a significant increase from just a few years ago. Understanding these penalties and strategies to avoid them is essential to prevent unnecessary financial stress. Let’s explore how you can effectively manage your tax payments to avoid estimated tax penalties.
Tax law is as complex as it is daunting. Each year, countless taxpayers find themselves entangled in disputes that lead to the tax court. Understanding the most litigated tax issues can empower you and your business to navigate the tax maze more effectively, ensuring compliance and avoiding IRS audits and unnecessary disputes.
In the wake of the pandemic, remote work has become the new norm for many American workers. As businesses across a wide range of industries have shifted to a remote model, employees and employers alike have experienced numerous benefits such as reduced overhead costs, increased employee satisfaction, and access to a broader talent pool. However, it has also introduced a complex web of tax implications, particularly for small and medium-sized businesses (SMBs).
As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. Of course, not everything can be included since the tax law has grown significantly in complexity, and it would take a thick book to list everything. But besides what you are probably accustomed to, here are over 20 overlooked tax deductions you may not be aware of and that can save you tax dollars.