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.


Luke Weissgarber Luke Weissgarber

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.

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Luke Weissgarber Luke Weissgarber

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.

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Luke Weissgarber Luke Weissgarber

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.

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Luke Weissgarber Luke Weissgarber

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.

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Luke Weissgarber Luke Weissgarber

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.

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Luke Weissgarber Luke Weissgarber

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.

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Luke Weissgarber Luke Weissgarber

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.

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Luke Weissgarber Luke Weissgarber

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.

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Luke Weissgarber Luke Weissgarber

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.

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Luke Weissgarber Luke Weissgarber

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.

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