by groupm7 | Mar 3, 2025 | Blog
As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. There are two methods for claiming this tax...
by groupm7 | Feb 27, 2025 | Featured
The newly enacted Federal Disaster Tax Relief Act of 2023 allows individual taxpayers affected by federally declared disasters to deduct personal casualty losses without itemizing deductions and without the typical reduction of $100 per casualty loss and 10% of...
by groupm7 | Feb 27, 2025 | Featured
On January 5, 2025, the Social Security Fairness Act was signed into law, ending the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These two provisions reduced or eliminated Social Security benefits to many people receiving pensions from...
by groupm7 | Feb 27, 2025 | News
A federal district court lifted the last remaining injunction delaying the Financial Crimes Enforcement Network’s (FinCEN) requirement for most businesses to file Beneficial Ownership Information (BOI) reports. As a result, businesses that have not already filed will...
by groupm7 | Feb 24, 2025 | Blog
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or...
