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The outcome of the November 5 election is likely to significantly impact taxes. Many provisions in President-elect Donald Trump’s signature tax legislation from his first time in the White House, the Tax Cuts and Jobs Act (TCJA), are scheduled to expire […]

The IRS has issued its 2025 inflation-adjusted contribution amounts for retirement plans in Notice 2024-80. Many retirement-plan-related limits will increase for 2025 — but less than in prior years. Thus, depending on the type of plan you have, you may have […]

Gambling winnings are taxable It's fun to win money, but don't forget, it is also taxable. But a recent report by the Treasury Inspector General for Tax Administration (TIGTA) found many taxpayers with gambling income didn't file tax returns. This […]

Identity theft can have a significant impact, especially when it involves children. Cybercriminals target the identities of children because they have unblemished credit histories that tend to be infrequently reviewed. That means a fraud may go undetected for years, often until […]

The IRS recently announced the launch of a new multistage regulatory initiative intended to close what it calls a "major tax loophole exploited by large, complex partnerships." The IRS's actions are prompted by its belief that some partnerships are using transactions […]

The IRS has issued its 2025 inflation adjustment numbers for more than 60 tax provisions in Revenue Procedure 2024-40. Inflation has moderated somewhat this year over last, so many amounts will increase over 2024 but not as much as in the […]

Starting a business involves a great deal of decision making. One of the first, and most important, decisions is choosing a business structure. A business structure can affect how much you pay in taxes, the paperwork you are required to […]

Hurricane Milton has caused catastrophic damage to many parts of Florida. Less than two weeks earlier, Hurricane Helene victimized millions of people in multiple states across the southeastern portion of the country. The two devastating storms are among the many […]

A Business Tax Deduction for Working Pets If you're a business owner, you may be able to deduct "ordinary and necessary" expenses related to keeping working animals. But the operative word here is "working," for example, dogs that guard against […]

Charitable donations can provide businesses with significant tax savings. But for gifts over a certain amount, they must obtain a contemporaneous written acknowledgement of their donations to qualify for a charitable contribution deduction. Failing to do so can prove costly. […]

During uncertain times, you may be concerned about the effects world events will have on your financial affairs. Of course, there are no absolute guarantees of protection, but shoring up your defenses and laying the groundwork for a comprehensive wealth-management […]

Early voting for the 2024 election has already kicked off in some states, but voters are still seeking additional information on the candidates’ platforms, including their tax proposals. The details can be hard to come by — and additional proposals […]