7 Midyear Tax Planning Tips for Individuals
Summer is a good time to reflect on tax planning moves that could lower this year’s tax bill. It appears there won’t be any significant federal tax changes that will take effect next year. If that’s…
Do You Qualify for the 0% Tax Rate for Capital Gains and Dividends?
Many people currently qualify for a 0% federal income tax rate on net long-term capital gains (LTCGs) and qualified dividends earned in their taxable accounts. Investment assets that may qualify include marketable securities and real estate…
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…