Accurate financial records help business owners manage cash flow, tax obligations and strategic planning. QuickBooks® is one of the most widely used bookkeeping software solutions for small and midsize businesses, offering a comprehensive suite of tools designed to...
If you made significant gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2024 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway....
Ways to manage the limit on the business interest expense deduction Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA created Section 163(j), which generally...
Subsequent events are in the spotlight these days. The Public Company Accounting Oversight Board (PCAOB) recently initiated a project to modernize outdated auditing standards related to these events. The PCAOB says the audit guidance hasn’t kept pace with changes in...
You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions...
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...
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...
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...
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...
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...
