Apr 29, 2025 | Tax Talk Tuesdays
In business, not every year ends in profit, but a financial loss doesn’t have to be a setback. In 2025, net operating losses (NOLs) remain a valuable tool under the U.S. tax code, giving business owners a strategic way to offset future taxable income and strengthen...
Apr 17, 2025 | Blog Posts, Tax
A major shift is coming to how Americans send money to and receive payments from the federal government. On March 25, 2025, President Donald J. Trump signed an Executive Order directing all federal agencies to phase out paper-based payments and adopt modern, secure...
Apr 15, 2025 | Tax Talk Tuesdays
Several changes to federal gift and estate tax rules have taken effect for 2025, creating valuable options for tax savings and strategic planning, particularly for high-net-worth individuals. However, time is of the essence, as the Tax Cuts and Jobs Act (TCJA) is...
Apr 8, 2025 | Blog Posts, Tax Talk Tuesdays
If your child earns income from investments—such as interest, dividends, or capital gains—you may need to be aware of the “kiddie tax.” This tax rule can impact how much your family owes at tax time, especially if your child’s unearned income goes over a certain...
Apr 1, 2025 | Tax Talk Tuesdays
The Child Tax Credit (CTC) can significantly reduce the tax you owe—and, in some cases, increase your refund. Even if you typically don’t file a tax return, you may still be eligible to claim this valuable credit if you have qualifying children. For the 2025 tax year,...
Mar 25, 2025 | Tax Talk Tuesdays
Navigating the complexities of tax regulations can be overwhelming, especially when it comes to distinguishing between different types of income and losses. The IRS has specific rules that determine how taxpayers can deduct losses from certain business and rental...
Mar 18, 2025 | Tax Talk Tuesdays
Section 174 of the Internal Revenue Code governs the treatment of Specified Research or Experimental (SRE) expenditures. The Tax Cuts and Jobs Act (TCJA) of 2017 amended Section 174, requiring businesses to amortize SRE expenditures over time rather than deducting...
Mar 10, 2025 | Tax Talk Tuesdays
Depreciation allows businesses to spread the cost of expensive assets over their useful life, accounting for wear and tear while reducing taxable income through annual deductions. This approach helps manage cash flow, ensures tax compliance, and prevents financial...
Mar 3, 2025 | Tax Talk Tuesdays
Pennsylvania, New Jersey, and New York introduced significant tax changes in 2025, impacting businesses and individuals. These updates include corporate tax reductions, new tax credits, and adjustments to transportation-related taxes. Pennsylvania’s Tax Adjustments...
Feb 28, 2025 | Blog Posts, Tax
The U.S. Treasury Department announced on March 2, 2025, that it will not enforce penalties for noncompliance with the beneficial ownership information (BOI) reporting requirement provision of the Corporate Transparency Act (CTA). In addition to suspending fines and...
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