Tax Insights & Strategies
Welcome to our Tax Insights, Strategies, and Updates page, your go-to resource for staying informed about the latest tax law changes, financial strategies, and expert insights. Here, we share valuable guidance to help individuals and businesses confidently navigate the complexities of the tax landscape. Whether you're looking for tips to minimize your tax liability, updates on recent regulatory changes, or strategies to optimize your financial goals, you'll find it all here. See below for the latest posts, and stay ahead in your tax planning journey.
Selling Your Home: Do You Need to Report It to the IRS?
When selling your home, understanding IRS reporting requirements and the $250,000/$500,000 tax exclusion can help you stay compliant and avoid audits. Learn when and how to report the sale, even if no taxes are owed.
Navigating the Corporate Transparency Act (CTA) Amid Legal Uncertainty
The Corporate Transparency Act (CTA) is in flux due to legal rulings delaying BOI reporting requirements. Discover what this means for your business, including suspended deadlines, voluntary filing options, and how to prepare for future compliance.
Maximizing EV Tax Credits: Drive Into Savings
EV tax credits for 2025 make switching to electric more affordable than ever. Discover how to save up to $7,500 on new EVs, $4,000 on used models, and take advantage of leasing and business incentives. Embrace the future of transportation and maximize your savings.
Crypto Strategies for 2025
2025 brings new opportunities and challenges for cryptocurrency investors. Discover four powerful strategies to reduce tax liabilities, including loss harvesting, donating or gifting crypto, and using self-directed accounts. Proactive tax planning is key—learn how to keep more of your profits.
Preparing for Change: How the Expiring TCJA Provisions Could Impact Your Taxes
Key provisions of the Tax Cuts and Jobs Act are expiring in 2025, potentially impacting your tax liability. Discover actionable strategies to prepare for higher tax rates, maximize deductions, and adjust your tax planning to stay ahead of the changes.
2024 Tax Updates: Inflation Adjustments Compared to 2023
As we move into 2024, understanding the new inflation adjustments is essential for smart tax planning. This article provides a clear, side-by-side comparison of key changes from 2023, including updates to standard deductions, federal income tax brackets, and retirement contribution limits. With increases across all filing statuses and new income thresholds, these adjustments present opportunities to optimize your tax strategies. Dive in to see how these changes may impact your financial planning this year.
Upcoming Deadlines for Business Ownership Information (BOI) Reporting
Upcoming deadlines for BOI reporting are fast approaching for U.S. businesses. Ensure compliance by understanding key requirements and avoid costly penalties. Learn which entities need to file, important dates, and recent updates from FinCEN.
Independent Contractor Classification: Important Updates for Your Business
Staying compliant with independent contractor classification rules is crucial as new Department of Labor guidelines aim to limit contractor status. Learn about key criteria, risks of misclassification, and the steps your business can take to reduce potential liabilities.
IRS Penalty Relief: Avoiding and Reducing Common Penalties
Navigating IRS penalties can be challenging, but relief options exist for those who know where to look. Learn about the latest strategies for avoiding, reducing, or even refunding penalties for common tax issues.
Tax Deductions for Pets: What’s Possible and What’s Not
While general pet expenses aren't tax-deductible, there are some scenarios where pet-related costs can qualify. Learn how service animals, business animals, and foster pets may help reduce your tax bill under specific IRS guidelines.
Accessing Your Retirement Funds Early: Avoiding the 10% Penalty
Accessing your IRA before age 59 1/2 typically incurs a 10% penalty, but there are several exceptions that allow for penalty-free withdrawals. Whether it's for medical expenses, higher education, first-time home purchases, or other specific situations, understanding these exceptions can help you manage your retirement savings effectively.
Optimize Your Healthcare Strategy with HSAs
The landscape of small business health coverage has evolved, with Health Savings Accounts (HSAs) becoming a popular choice. Offering tax benefits and flexibility, HSAs allow for tax-free savings on qualified medical expenses. With over 35 million active HSAs in 2022, this trend is expected to grow significantly.
Important Update: New Federal Filing Requirement Effective January 1, 2024
The Corporate Transparency Act (CTA) introduces new federal filing requirements for most corporations and LLCs formed in 2024 onwards. Aimed at preventing illicit activities like money laundering, the CTA requires reporting beneficial ownership information to FinCEN's new BOSS system. Learn about the key requirements, exemptions, and how to prepare for compliance.
Navigating U.S. Tax Obligations While Living and Working Abroad
U.S. citizens living abroad must navigate complex tax rules, including the Foreign Earned Income Exclusion, Foreign Tax Credit, and specific reporting requirements like the FBAR and Form 8938. Understanding these obligations and benefits can help you manage your tax liability effectively.
Important Update: Beneficial Ownership Information (BOI) Reporting
On January 1, 2024, the Corporate Transparency Act (CTA) went into effect, requiring most small businesses to file a Beneficial Ownership Information (BOI) report.
S Corporation versus Sole Proprietorship - Maximize Your Tax Savings
Choosing between an S Corporation and a Sole Proprietorship can significantly impact your tax savings.
Accelerate Your Depreciation Deductions with Cost Segregation
Cost segregation is a powerful tax strategy that allows property owners to accelerate depreciation deductions by separately depreciating non-real property elements
New Reporting Requirements for Digital Assets
New tax reporting requirements are coming for digital assets like Bitcoin, NFTs, and Stablecoins. Starting with the 2025 tax year, digital asset brokers must report transactions to the IRS using Form 1099-DA.
15 Exceptions to the 10% early IRA Withdrawal Penalty
Early withdrawals from a traditional IRA typically incur a 10% penalty tax, but there are several exceptions that can help you avoid this penalty. These include scenarios like medical expenses, higher education costs, first-time home purchases, and more. Understanding these exceptions can help you manage your retirement savings effectively.