The IRS reminds taxpayers that they can log into https://www.irs.gov/payments and pay their income tax they owe using a US bank accounts, the IRS EFTPS system, or debit or credit card and access their IRS account online. Having problems paying your income taxes, the IRS reminds taxpayers they can set up a Short-term payment […]
The IRS announces with IR-2025-51 for the 2025 tax season for those that missed the April 15, 2025 deadline to file their 2024 tax returns to file as soon as possible to avoid additional penalties and interest standard mileage rates for business, medical, moving and charitable purposes. The Internal Revenue Service encourages taxpayers who missed […]
An excellent article explaining the major differences between the Standard Deduction and Itemized Deduction (ID), and the individual components of the ID. You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough […]
An excellent article regarding the ins and outs of saving for college and qualified higher education- including the College 529 CSP, Gifting implications, Coverdell Education Savings accounts (ESA’s), and the Education Tax Credits namely the American Opportunity Credit (AOTC) and Lifetime Learning Credit (LLC). Have you ever invested in a company only to see its […]
The IRS explains with Tax Tip 2025-02 that your filing status- single/ unmarried or married, is determined on 12/31 of each calendar year that applies to the entire calendar year, in addition to a few things taxpayers should do if their marital status changed. A taxpayer’s filing status generally depends on their being married or […]
A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order Tuesday (the injunction, which according to the court should apply nationally, was issued in Texas Top Cop Shop, Inc. vs. Garland, No. 4:24-CV-478 (E.D. Texas 12/3/24) prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) […]
The IRS reminds us in IR—2024-289 individual retirement arrangement (IRA) owners age 70½ and older can make up to $108,000 in 2025 from $105,000 in 2024 in tax-free charitable donations during 2025/ 2024 through qualified charitable distributions (QCD’s). Also that for those age 73 or older, qualified charitable distributions (QCDs) also count toward the year’s […]
IRS Commissioner Danny Werfel announced effective immediately, the IRS will no longer automatically assess penalties on taxpayers who file Forms 3520, Part IV (reporting foreign gifts) after the filing deadline. In addition, by the end of the year, the IRS will expand that approach to the late filing of reports relating to foreign trusts (i.e., […]
The IRS reminds us in Tax Tip 2024-84 IR—23-100 what we can do in the event of a natural disaster to reconstruct our records, some tips to keep in mind when we may apply for federal assistance or insurance reimbursements! It may be important for victims of a disaster to reconstruct their tax and financial […]
The IRS reminds taxpayers that just because many states have legalized the sale of Marijuana, at the Federal level Marijuana still remains a Schedule I controlled substance and under IRC Sec 280E taxpayers may not claim any deductions or credits for any amounts paid or incurred in carrying on a Marijuana trade or business that […]
