529 Plans: Tax Details You Need To Know
A 529 plan helps you save for education with tax benefits. New rules let unused funds roll into a Roth IRA penalty-free.
What To Know About ABLE Accounts
ABLE (Achieving a Better Life Experience) accounts help individuals save for disability-related expenses without risking eligibility for government assistance. Contributions grow tax-free, and qualified withdrawals avoid income tax, making ABLE accounts a powerful tool for long-term financial planning.
The Rise of the Strategic Controller
Thinking about renting out your vacation home to earn some extra income? It’s a smart move—but the IRS has some rules that could trip you up. How much you use the home personally, who you rent it to, and how many days it’s on the market all impact what you can (and can’t) deduct. For example, too much personal use or discounted rent to friends and family could limit your tax benefits.
Navigating the fine print now can help you avoid surprises later. A little planning goes a long way in keeping more of what you earn—and staying on the IRS’s good side.
Navigating a Business Tax Audit
Navigating a Business Tax Audit If your business is being audited, take a deep breath and understand the reasons behind it. Audits may be random or triggered by issues specific to small businesses, such as excessive expenses, misclassified employees or questionable deductions. While an audit doesn’t necessarily mean you’ve done something wrong, it is the […]
Why Less Is More in Tax Strategy (and Business in General)
Thinking about renting out your vacation home to earn some extra income? It’s a smart move—but the IRS has some rules that could trip you up. How much you use the home personally, who you rent it to, and how many days it’s on the market all impact what you can (and can’t) deduct. For example, too much personal use or discounted rent to friends and family could limit your tax benefits.
Navigating the fine print now can help you avoid surprises later. A little planning goes a long way in keeping more of what you earn—and staying on the IRS’s good side.
Why a Business Credit Card Might Be Right for You
Business credit cards separate personal and business expenses while earning rewards on common purchases. Even freelancers and gig workers can qualify, making them a simple tool for managing finances.
Retirement Plan Options for the Self-Employed
Self-employed individuals have access to several retirement plan options with valuable tax benefits. Understanding each plan helps you choose the best fit for your financial goals.
OBBBA: Learning the Deduction Details
The OBBBA law offers new deductions from 2025 to 2028 for tips, overtime pay, car loan interest, and seniors. Each comes with specific eligibility rules, deduction limits, and income phase-outs, impacting both individuals and businesses. Read on to learn how these provisions could affect you, and reach out to our CPA team for expert guidance on maximizing your benefits and planning for your business.
Hobby or Business? Why It Matters at Tax Time
Are you correctly classifying your activity as a hobby or a business, and do you understand how that distinction can impact your tax obligations? Learn what the IRS considers and why it matters during tax season.
Independent Contractor or Employee?
If you’ve recently received IRS Notice CP14, you’re not alone. This notice is a common first step when the IRS believes you have unpaid taxes. As your CPA, we can help you understand what the notice means, confirm its accuracy, and guide you through next steps to resolve it efficiently.