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…
Summer Activities That Could Affect Next Year’s Tax Return
While summer is a time for fun, it’s never the wrong time to be thinking about taxes – and some of those summer activities could have an impact. Below are…
Diving Into Deductions
A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay. Most taxpayers now qualify for…
Crosslin Promotes Payne to Principal
Crosslin has promoted Curtis Payne to principal in the audit department. In this role, he will assume a broader responsibility in leading the Crosslin audit team and focus on increased…
Builders of new energy efficient homes may qualify for an expanded tax credit
Eligible contractors who build or substantially reconstruct qualified new energy efficient homes may be eligible for a tax credit up to $5,000 per home. The actual amount of the credit…
Here’s how to tell the difference between a hobby and a business for tax purposes
A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making…
