Effective tax planning comes down to looking for ways to reduce taxable income, delay a tax bill, increase tax deductions, and take advantage of all available tax credits. It also helps you be aware of…

When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expenditure is a must. Here are some typical areas where taxpayers often fall short, costing them plenty during…

It’s never too early to start planning for 2024! Planning ahead can put more cash in your pocket instead of overpaying the IRS. Avoid the last-minute tax panic and set yourself up for success with…

While the maximum capital gains tax rate can be as high as 23.8%, many pay 15%. But there is the possibility to have your capital gains go tax-free – yes, 0%! You incur long-term gain…

Winter Tax Deadlines January 16, 2024 Due date for 4th installment of 2023 individual estimated tax. Consult with your CPA if any payments should be made before 12/31. January 31, 2024 Due date for employers…

1099-K Reporting for Digital Transactions By now most taxpayers are aware of Form 1099-K, which requires third-party settlement organizations and payment processors (such as Venmo, PayPal, Stripe, etc.) to issue a 1099-K when transactions exceed…

In the age of working remotely, you may be faced with the situation of working remotely out of one state while your employer is based in another. There may be tax implications that come along…

For high-earning taxpayers, gifting is often a key component of tax and estate planning strategies. By turning to a CPA, you can still transfer property and funds in a tax-smart manner. Read on to find…