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Author: Damon Delcoro

Should Married Couples File Jointly or Separately?

Once you’re married, you have two options when it comes to filing your annual federal income tax return — married filing jointly or married filing separately. While some couples may find it more tax-efficient to file…

Examine 6 Factors to Classify Workers as Employees or Independent Contractors

In January 2024, the U.S. Department of Labor (DOL) issued its long-awaited final rule related to employment status under the Fair Labor Standards Act (FLSA). The new rule carves out six key factors to be analyzed…

Key Rules for Home Office Deductions

Do you work from home all or part of the time? If you’re self-employed and meet certain requirements, you can write off a portion of your home office expenses, even if you perform work at other…

Social Security Tax Update: How High Can It Go?

Employees, self-employed individuals, and employers all pay the Social Security tax, and the bite the Social Security tax takes gets bigger every year. Here’s what you should know — and why you should be concerned. Projected Social…

QBI Deduction: Use It or (Possibly) Lose It

The qualified business income (QBI) deduction is available to eligible individuals through 2025. After that, it’s scheduled to disappear, unless Congress passes legislation to extend it. With 2024 underway, it’s now use-it-or-lose-it time for the write-off.…

Navigating the Risks of Check Fraud

Although digital transactions are growing exponentially, check fraud remains a persistent threat to you and your business. The Federal Reserve processed just over 19 billion paper checks in 1993, compared to 3.4 billion in 2022. While…

Do’s and Don’ts for Business Expense Deductions

As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is through business expense deductions, but not…

Can You Claim Your Parent as a Dependent?

If you pay over half the cost of supporting a parent, your parent is considered your dependent for federal income tax purposes. This treatment potentially entitles you to some significant tax breaks. Here are four potential…

How Employer-Issued ISOs May Affect Your Taxes

Employer stock options are a potentially valuable asset for recipient employees, especially those who work for start-ups or high-growth companies. For example, many Silicon Valley millionaires reaped sizable windfalls by exercising their employer stock options. Here’s…

The SECURE 2.0 Act

The SECURE 2.0 Act, enacted late in 2022, creates new tax-saving opportunities for retirement savers — in some cases, with assistance from employers. Several provisions already kicked in during 2023, while others have made their debut…