Oct 24, 2024 | Blog Posts, Tax
The Internal Revenue Service (IRS) has released the annual inflation adjustments for tax year 2025, providing updated information on more than 60 tax provisions. Outlined in Revenue Procedure 2024-40, these adjustments will affect taxpayers when they file their...
Oct 22, 2024 | Tax Talk Tuesdays
Health Savings Accounts (HSAs) are valuable financial tools offering a variety of benefits, including substantial tax savings, investment opportunities, and flexible spending options for healthcare. Maximizing your HSA contributions in 2024 can be a smart way to...
Oct 15, 2024 | Tax Talk Tuesdays
Real estate investors and contractors who have purchased, renovated, or constructed a building should explore conducting a cost segregation study to unlock accelerated depreciation benefits. This strategy provides tax savings for new acquisitions and existing...
Oct 8, 2024 | Tax Talk Tuesdays
Electric, plug-in hybrid, and fuel cell electric vehicles purchased new in 2023 or after may be eligible for a federal income tax credit of up to $7,500. The credit availability will depend on several factors, including the vehicle’s Manufacturer Suggested...
Sep 30, 2024 | Tax Talk Tuesdays
As cryptocurrency becomes increasingly mainstream, the IRS maintains clear guidelines for taxing digital assets in 2024. Cryptocurrencies, like Bitcoin or Ethereum, are treated as property, meaning capital gains taxes apply when sold, exchanged, or used. The tax rate...
Sep 23, 2024 | Tax Talk Tuesdays
A home office deduction may be available for taxpayers who run a business from home or are self-employed and use part of their home for business purposes. The home office deduction is available to both homeowners and renters. To qualify, the home office generally must...
Sep 10, 2024 | Tax Talk Tuesdays
Qualifying as a real estate professional offers substantial tax benefits, such as deducting losses against nonpassive income and avoiding the net investment income tax. However, this status alone does not automatically classify rental real estate activities as...
Sep 8, 2024 | Tax Talk Tuesdays
Companies offer comprehensive retirement plans as part of their benefits packages to attract and retain top talent. These plans enhance employee satisfaction and allow businesses to shift compensation from salary to benefits, helping them reduce payroll taxes....
Sep 1, 2024 | Tax Talk Tuesdays
If you’re paying for higher education, two federal tax credits can help students lower their taxes: the American Opportunity Tax Credit and the Lifetime Learning Credit. The student for whom the credits are claimed can be the taxpayer, their spouse, and their...
Aug 26, 2024 | Tax Talk Tuesdays
Whether you plan to give financial gifts during your lifetime or leave your estate behind after you pass, the unified tax credit offers a way to reduce the tax burden. This lifetime credit merges gift and estate taxes, giving you flexibility in distributing your...
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