Industry News & Firm Updates
The U.S. Election Outcome Likely to Have Major Impact on Taxes
Having won control of the White House, the Senate and the House of Representatives, Republicans will have the opportunity to move forward their vision for federal taxes. What might this mean? First, many provisions in President-Elect Donald Trump’s signature tax...
Cost Segregation: An Impactful Tax Planning Tool
Have you purchased property recently? If so, are you interested in lowering your taxable income? A cost segregation study can help lower your taxable income in the year of completing a study, which generally is the year the property is placed in service. What is Cost...
Feeling Charitable? Be Sure You Can Substantiate Your Gifts
As the end of the year approaches, many people give more thought to supporting charities they favor. To avoid losing valuable charitable deductions if you itemize, you’ll need specific documentation, depending on the type and size of your gift. Here’s a breakdown of...
Not Every Disaster Allows for a Casualty Loss Tax Deduction
Many Americans have become victims of natural disasters in 2024. Wherever you live, unexpected disasters may cause damage to your home or personal property, creating a “personal casualty loss.” This is defined as damage from a sudden, unexpected or unusual event, such...
7 Year-End Tax Planning Tips for Individuals
As the holidays approach, it’s time to consider tax planning moves that will help lower your 2024 taxes, as well as set you up for tax savings in future years. Here are seven year-end tax planning ideas to consider. 1. Strategize on the Standard Deduction vs....
Tax-Saving Moves Businesses Should Consider Before Year End
Now is a good time to consider year-end moves that can help reduce your business’s 2024 taxes. The effectiveness of a particular action depends on the circumstances of your business. Here are several possibilities. Time Income and Deductions A tried-and-true tactic...
Want to Find Out What IRS Auditors Know About Your Industry?
To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit Techniques Guides (ATGs). A little-known secret is that these guides are available to the public on the IRS...
Seniors: A Tax-Wise Alternative to Selling Your Appreciated Home
In recent years, the residential real estate market has surged in many areas. That means many homes have greatly appreciated, and the $250,000 home sale gain exclusion ($500,000 for joint filers) isn’t always sufficient to protect a home sale from federal income...