by candy | Jan 30, 2025 | Taxes
When it comes to reducing your taxable income, choosing between the standard deduction and itemized deductions can have a significant impact on how much tax you owe. Let’s break down what each option means and how to decide which is right for you. What is a Tax...
by candy | Jan 23, 2025 | Taxes
If you’re nearing retirement or managing retirement accounts, understanding Required Minimum Distributions (RMDs) is essential. Recent updates, including changes from the SECURE 2.0 Act, have shifted the timeline and rules for these mandatory withdrawals. Here’s a...
by candy | Jan 9, 2025 | Taxes
For taxpayers seeking a simpler, no-cost way to file their federal tax returns, the IRS is making a significant move. After a successful pilot program, Direct File will become a permanent option starting in the 2025 tax season. This option, which allows for free, easy...
by candy | Jan 6, 2025 | Taxes
As Donald Trump prepares to assume the presidency once again, we can anticipate renewed attempts to extend and expand provisions from his 2017 Tax Cuts and Jobs Act (TCJA). This landmark legislation, a signature achievement of his first term, is set to expire in 2025,...
by candy | Dec 30, 2024 | Taxes
Self-employment offers many benefits, but it also brings additional tax responsibilities. One of the key forms you’ll need to file as a sole proprietor or single-member LLC is Schedule C, which reports your business’s profit or loss. What is Schedule C? Schedule C,...
by candy | Dec 5, 2024 | News Letter, Sales Tax, Taxes
As digital threats evolve, we face increasing risks from scams, even outside of the traditional tax season. It’s crucial to stay informed and build defenses against these cyberattacks. Some Key Issues Include: E-Signatures: While convenient, e-signature software can...