Check Withholding Now to Prepare for Next Year
Proper tax withholding now is key to avoiding surprises when you file next year. Making any needed adjustments early means you won’t have to make a big change later in…
Governor’s Early Literacy Foundation’s Literacy Alliance Dinner
Crosslin team members enjoyed attending the Governor’s Early Literacy Foundation’s Literacy Alliance Dinner recently at the Tennessee State Museum. Great event!
TN and KY Tax Deadlines Moved to Nov. 3
The Internal Revenue Service announced tax relief for all individuals and businesses in the states of Tennessee and Kentucky affected by severe storms, straight-line winds, tornadoes and flooding. All taxpayers…
BOI Reporting – Requirement Removed
The Financial Crimes Enforcement Network (FinCEN) recently removed the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. All…
BOI Update: Enforcement Penalties on Hold
As the saga continues, the latest update on federal Beneficial Ownership Information (BOI) reporting requirements indicates that FinCEN will not issue any fines or penalties or take any other enforcement actions against any…
Year-End Tax Planning for Individuals
As we approach year-end, now is the time to review 2024 and 2025 tax situations and identify opportunities for reducing, deferring or accelerating tax obligations. Crosslin has put together a planning guide to help…
Educator expense deduction can help offset out-of-pocket classroom costs
The educator expense deduction lets eligible teachers and administrators deduct part of the cost of technology, supplies and training from their taxes. According to the IRS, they can claim this…
Newlyweds Tax Checklist
Summer wedding season has arrived, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer’s marital status as of December 31 determines their tax…
Builders of energy efficient homes may qualify for a valuable tax credit
Eligible contractors who build new energy efficient homes or substantially reconstruct existing homes into qualified energy efficient homes may be eligible for a tax credit up to $5,000 per home….
Is your side hustle a hobby or a business?
Hobbies and businesses are treated differently when it comes to filing taxes. According to the IRS the biggest difference between the two is that businesses operate to make a profit…
