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 25, 2025 | Tax Talk Tuesdays
The Qualified Business Income (QBI) deduction—the Section 199A deduction—offers a powerful way to reduce taxable income for many business owners. Designed for sole proprietors, partners in partnerships, shareholders in S corporations, and certain trusts and estates,...
Feb 18, 2025 | Tax Talk Tuesdays
Selling goods or services online has become increasingly common, and with that comes tax reporting responsibilities. If you sold event tickets, personal items, or other goods or services online and received Form 1099-K, you may wonder how to handle it on your tax...
Feb 11, 2025 | Tax Talk Tuesdays
Charitable giving allows individuals and businesses to support their communities while benefiting from valuable tax deductions. However, maximizing these deductions requires understanding eligibility, limitations, and documentation requirements. To qualify, donations...
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