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How the IRS Layoffs are Affecting Small Businesses and Taxpayers
The IRS is facing significant staffing challenges in 2025, with thousands of employees, including revenue agents and auditors, being laid off or resigning. This has the potential to impact how audits are conducted and how efficiently the IRS handles tax-related matters. As a small business owner or taxpayer, you might be wondering what this means […]
How to File Your Taxes in 2025 for Last-Minute Filers
Tax season is fast approaching, and if you find yourself scrambling to file your taxes at the last minute, don’t worry—you’re not alone. Whether you’re a procrastinator or simply didn’t realize how much you still need to do, you can still get your taxes filed correctly, even under time pressure. Here’s your essential guide on […]
A Guide to Filing Taxes for Freelancers and Gig Workers in 2025
Are you a freelancer, gig worker, or independent contractor preparing to file your taxes for the2024 tax year? Whether you drive for Uber, Lyft, DoorDash, or Grubhub, sell goods online, or offer professional services through platforms like Fiverr and Upwork, understanding how to file your taxes as a freelancer is crucial. Here’s everything you need […]
Alternative Investments in Tax-Advantaged Accounts
When it comes to retirement planning, most investors think of traditional options like stocks, bonds, and mutual funds. However, alternative investments within tax-advantaged accounts can offer new opportunities for diversification, growth, and asset protection. Understanding how self-directed IRAs and other retirement plans can be used to invest in alternative assets is key to making informed […]
Installment Sales: Minimizing Capital Gains Tax On Real Estate
When selling real estate, the thought of paying a hefty capital gains tax can weigh heavily on any investor’s mind. However, there’s a useful tax tool available to taxpayers under IRC § 453 in the form of installment sales. This method not only defers tax payments but can also potentially lower the total tax liability. […]
How to Find a Good CPA for Small Businesses
Choosing the right CPA (Certified Public Accountant) is crucial for any small business. A skilled CPA provides vital support in financial planning, tax compliance, and accounting strategy. They can help to prevent costly errors and enhance financial well-being. If you need professional help with planning or preparing your taxes, this guide can help you find […]
New IRS Standard Deductions for 2025 Tax Year
The Internal Revenue Service (IRS) announced on Tuesday new inflation-adjusted tax brackets for 2025. The IRS also revealed an increase in the standard deduction to $15,000 for single filers and $30,000 for married couples. These changes will apply to income earned in 2025 and reported on tax returns filed in 2026. While the marginal tax […]
A Guide to Filing Federal Income Taxes for Small Businesses
Filing federal income taxes as a small business owner involves navigating specific steps tailored to your business structure. This comprehensive guide provides detailed insights into each stage of the tax filing process, emphasizing the importance of proactive tax planning and professional guidance. Step 1: Collect Your Records Before diving into tax preparation, gather all necessary […]
Breaking Down Retirement Account Options for Self-Employed Individuals
Planning for retirement as a self-employed individual comes with its own unique challenges and opportunities. Unlike traditional employees who may benefit from employer-sponsored plans, freelancers and small business owners must navigate a range of retirement account options tailored to their needs. Let’s explore some of the top choices available in 2024 to help you make […]