Blog

The U.S. Treasury Department announced that it will not require U.S. corporations, limited liability companies, or other U.S. business entities to comply with the Corporate Transparency Act (CTA). The CTA requires that most smaller corporations, limited liability companies, and some other business entities(all of which are termed “reporting companies”) file beneficial ownership information reports (BOI […]

Deducting Disaster Losses for Individuals: Navigating the Rules The federal tax law provides relief if a disaster—such as a fire, flood, or hurricane—damages your personal (non-business) property, including your home, belongings, and vehicle. You may be able to deduct these losses from your taxable income, but the rules are complex and often restrictive. Recent changes [...]

Yesterday, we reported that the Fifth Circuit Court of Appeals immediately reinstated FinCEN BOI filing requirements. But there’s good news—later yesterday, the Treasury Department extended key deadlines to allow more time for compliance. Here’s what you need to know: New January 13, 2025 Deadline Reporting entities created with a state secretary of state filing before January […]

Prepare for tax changes. The Tax Cuts and Jobs Act (TCJA) has been part of our tax landscape for nearly seven years, shaping how businesses and individuals plan their finances. With an eye toward the end of 2025, when many key provisions expire, here are some critical changes that could affect you and your business. […]

Tax credits for electric vehicles (EVs) were expanded and thoroughly revamped when Congress enacted the Inflation Reduction Act back in 2022. The new tax credit regime became effective in 2023. How has it been working out? Not quite as expected. As a result of the new law, there are four ways you can benefit from […]

The purpose of this article is to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money—although in the right circumstances, that will happen. But in most cases, you’ll probably realize the cash when you pay less in taxes. This article gives you six […]

As you know, the fastest vehicle deductions are found with SUVs, crossover vehicles, and pickup trucks with gross vehicle weight ratings (GVWRs) greater than 6,000 pounds. These vehicles avoid the limitations on depreciation for luxury automobiles.1 Below, you will find some of the vehicles that qualify for the bigger deductions. But here’s the ultimate proof. […]

Tax Guide to Deducting Long-Term Care Insurance Premiums Long-term care costs can be substantial, and neither Medicare nor Medicaid provide comprehensive coverage for most people. Long-term care insurance can help protect your finances, and there may be ways to deduct the premiums, depending on your business structure. Here are four key points to consider: C […]