What Are Trusts and Do You Need One?

When it comes to estate planning, one of the most important factors to keep in mind is that trusts are formed in accordance to state, not federal, law. That’s why it is so important for people who want to establish a trust to consult with a tax law expert who specializes in the laws within […]

Tax and Homeownership

One of the most significant tax benefits you as a homeowner will enjoy is arguably the mortgage interest deduction. This is applied to the interest you pay on your mortgage for your primary place of residence, though it may also apply to your second home or vacation home. For more insight into the specifics of […]

Taxes and Divorce

Is your relationship coming to a close? If so, you are likely feeling a lot of sadness, confusion, dissatisfaction and unhappiness. In addition to all the emotions that arise in the face of separation and divorce, you’re also expected to think about the way your tax filing status will change. But what happens when the […]

Is Your Withholding Correct?

All year long, employers withhold income tax from the paychecks of their employees. Each paycheck is distributed to you after your employer has taken out a portion of your paycheck to pay the IRS on your behalf. At the end of every year, your employer will send you a document called Form W-2, Wage and […]

FinCEN Requires Beneficial Ownership Information

As explained in a FinCEN release, the bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. Companies that are required to comply (“reporting companies”) must file their initial reports by the following […]

IRS Tools and Resources To Help Small Businesses

The small business pages on IRS.gov serve as comprehensive guides for people looking to navigate the entire life cycle of their business as well as their business-related tax obligations. If you are starting a business and need assistance figuring out the appropriate form of business entity to establish, these pages are valuable resources. Additionally, you […]

Home Energy Tax Credits: Going Green for More Green

The Inflation Reduction Act offers the potential to save when you make energy-efficient upgrades to your home. Eligible improvements include features such as heat pumps, solar panels, and energy-efficient heating or cooling systems. In turn, with these credits, you could possibly save thousands of dollars. Where does the Inflation Reduction Act stem from? It’s part […]

5 Tips for Avoiding a Small-Business Audit

Just the words “IRS audit” are enough to make most people roll their eyes or groan in pure agony. More specifically, business owners in particular often fear being audited by the IRS. That said, there are numerous steps people can take when they are eager to mitigate the risks of being audited. Even though there […]

What Is Taxable and Nontaxable Income?

In general, income is taxable unless it is specifically exempted by law. Such taxable income must be reported and is subject to taxation. Income that is nontaxable, however, may still have to be reported on your tax return. Even if you have not cashed a valid check you received before the end of a certain […]