The IRS is Tackling Tax Evasion with AI

As the current tax season continues, the Internal Revenue Service (IRS) has ushered in a new era of tax enforcement thanks to the power of artificial intelligence (AI). AI tools have taken nearly every industry by storm recently, and even federal tax authorities have realized that these resources can be invaluable in catching tax evaders.  […]

Payroll Management: A Complete Guide for SMBs

Payroll taxes can be a significant headache for many small—to medium-sized business owners. Without proper education, entrepreneurs can find themselves in trouble with the IRS and state tax agencies. Fortunately, if you’ve been struggling with payroll taxes, you’re in the right place.   This guide will help you understand and manage payroll taxes effectively to ensure […]

Proving Noncash Charitable Solutions

Tax legislation passed in late 2017 nearly doubled the standard deduction for years 2018 through 2025, and now about 90% of individuals filing a tax return are taking advantage of the higher standard amount and are not itemizing their deductions. For the 10% of filers still itemizing, one of the most common tax-deductible charitable contributions […]

How Overstaffing Can Impact Your Small Business

In the bustling world of small businesses, where every decision can significantly impact your bottom line, overstaffing can be a major problem. One of the main reasons for this is that hiring too many employees can happen before you even realize it – you might be trying to overcompensate for prior staffing issues but end […]

Is It Better to Have a Tax Credit or a Deduction?

Tax Deductions – In one way or another, tax deductions reduce the taxable portion of an individual’s income, which thus reduces the tax on that income.  Itemized Deductions – When taxpayers think of deductions, they typically think of the itemized deductions that are claimed on Schedule A. This is the only way to deduct personal […]

Unique Charitable Giving Options

There are some unique ways to make charitable contributions that can provide tax advantages to the donor. Before deciding about your charitable giving for the year, you may benefit from this article on ways to contribute that will help you tax-wise. Normally, deductible charitable contributions are limited by a percentage of your income, more specifically […]

Education Credits Aren’t Just For Children’s Tuition

If you think that education credits are just for sending your children to college, think again; the credits are available to you, your spouse (if you are married), and your dependents. Even if you or your spouse only attends school part-time, you still may qualify for a tax credit. There are two education-related tax credits […]

Securing Your Business’s Future: Mastering Succession Planning

For many business owners, the future is uncertain. Would you like to ensure the long-term success of your enterprise, reducing stress and providing peace of mind? That’s where succession planning comes in. Every successful business gets to that point thanks to careful planning and strategic foresight. While most business owners focus on maximizing present success, […]

Estimated Tax Payments Are Not Just for the Self-Employed

Unlike employees, who have income, Social Security, and Medicare taxes withheld from their wages, self-employed individuals must prepay their taxes by making periodic estimated tax payments. These are referred to as estimated tax payments because the self-employed individual must estimate his or her net earnings for the year and pay taxes per IRS schedule according […]