Author Archives: Carol

As a new tax year begins, your tax professional can help identify year-end opportunities to help reduce your tax bill and confirm you are in compliance with tax law. Some tax issues to take into consideration include: Required Minimum Distributions … Continue reading →

As part of its efforts to track income from the “gig” economy that may not be reported by some taxpayers, the IRS has expanded the use of a reporting form for online income: Form 1099-K. Form 1099-K Reporting Threshhold Taxpayers … Continue reading →

Several clean energy tax incentives will expire in the next few months under the recently passed OBBBA Act. Clean Vehicle Credit Under the Inflation Reduction Act (IRA) of 2022, eligible taxpayers could claim up to $7,500 for new electric vehicles … Continue reading →

1040 Individual Tax Returns For individual taxpayers who requested an extension to file their 1040 tax returns after the April 15, 2025, due date, the extended deadline is Wednesday, Oct. 15. For parts of the State of Florida affected by … Continue reading →

Home-based businesses are more popular than ever before. The business structure you choose affects many issues, including exposure to liability and how your business income is taxed. It can also affect your financing and your ability to grow the business. … Continue reading →

While tax laws are complicated, the most common tax return errors are simple, including misspellings and missing information. Mistakes can delay refunds or prompt a letter of inquiry from the IRS. Have Complete Paperwork Taxpayers should be sure to collect … Continue reading →

A digital asset is a digital representation of value that is recorded on a cryptographically secured, distributed ledger or any similar technology. Common digital assets include virtual currency and cryptocurrency, stablecoins and non-fungible tokens (NFTs)As digital assets grow in popularity, … Continue reading →

While the deadline for filing your 2024 tax return is a couple of months away, getting your tax records organized now can help you avoid errors that could slow your refund or overlook possible deductions or credits. Your tax return … Continue reading →

Children who receive investment income or other unearned income are subject to special tax rules that affect how parents must report the child’s investment income. This is to prevent parents from putting investments in their children’s names, hoping that any … Continue reading →

The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act is a bipartisan law that was signed into law at the end of 2022. It includes changes to many aspects of retirement plans to help Americans save more for … Continue reading →