How small business owners can deduct their home office from their taxes
The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use…
Understanding the adoption tax credit
Taxpayers who adopted or started the adoption process in 2021 may qualify for the adoption credit. This credit can be applied to international, domestic private, and public foster care adoption….
Taxpayers must report gig economy earnings when filing taxes
Whether it’s a full-time job or just a side hustle, taxpayers must report gig economy earnings on their tax return. Understanding how gig work can affect taxes may sound complicated…
Get ready for taxes: Here’s what’s new and what to consider when filing in 2022
It is important to be informed about topics related to filing your federal tax returns in 2022. These topics include special steps related to charitable contributions, economic impact payments and…
2021 Year-end Tax Planning for Individuals
As we approach year end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring,…
2021 Year-End Tax Planning for Businesses
As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations…
Benefits of Lowering Adjusted Gross Income
Taking steps to reduce your income can reduce your overall tax burden. Individual taxpayers may be able to reduce their taxable income through deductions if they meet the qualifications and…
Most retirees must take required minimum distributions by Dec. 31
A quick reminder that retirement plan participants and individual retirement account owners that payments, called required minimum distributions, must usually be taken by Dec. 31. Required minimum distributions (RMDs) generally…
What taxpayers can do now to get ready to file taxes in 2022
There are steps people, including those who received stimulus payments or advance child tax credit payments, can take now to make sure their tax filing experience goes smoothly in 2022….
Holiday scam reminder: Gift cards are never used to make tax payments
This holiday season the IRS reminds taxpayers, the agency won’t ask for or accept gift cards as payment for a tax bill. However, that doesn’t stop scammers from targeting taxpayers…
