If you give artwork to charity, the deduction you can claim depends on several factors, including the type of organization receiving the piece and how it will be used. Special substantiation and appraisal rules may apply as well. Relation to charitable function Your deduction for a donation of art will generally be reduced if the […]
Read More Consider your potential charitable deduction before donating artworkAccording to the U.S. Treasury Dept., 98% of taxpayers receive their IRS refunds electronically. In 2026, direct deposit refunds increased by 14% over 2025, likely due to the IRS’s paperless initiative. Yet not all taxpayers can receive electronic refunds. The Federal Deposit Insurance Corporation has reported that 4% of U.S. households lack a bank account. […]
Read More IRS Direct Deposit Refunds Rise as Paper Check Delays ContinueThe IRS has published its annual Data Book for fiscal year (FY) 2025. It provides a statistical overview of the tax agency’s operations. A few highlights: In FY 2025, the IRS processed 271.4 million federal tax returns and supplemental documents, including almost 162.8 million individual income tax returns. The total revenue collected exceeded $5.3 trillion. […]
Read More IRS Releases FY 2025 Data Book Highlighting Tax Filing and Refund TrendsDid you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details. Working animals vs. personal pets A working animal must provide a clear and direct business benefit. Common examples include: Dogs […]
Read More Business deductions for four-legged coworkersThe IRS has announced that 27 states have elected to participate in the Federal Scholarship Tax Credit (FSTC) program. Under the program, beginning in 2027, eligible taxpayers can claim a federal tax credit for contributions to Scholarship Granting Organizations (SGOs) that provide scholarships for qualified elementary and secondary education expenses. To claim the credit of […]
Read More IRS Announces 27 States Participating in New Federal Scholarship Tax Credit ProgramTest your Knowledge – What percentage of meal costs can your business deduct?
Read More What percentage of meal costs can your business deduct?5 AMT risks
Read More 5 AMT risksWhether you’re relocating for work, retirement, family or lifestyle reasons, state taxes can have a significant financial impact. Taxes vary widely from state to state. And establishing residency for tax purposes may be more complicated than you expect. Before moving, be sure you understand how changing states could affect your overall tax situation. A variety […]
Read More Moving to a new state? Review the tax implications firstIn response to ongoing threats to tax and payroll data, the IRS and Security Summit partners have introduced a new framework to better protect taxpayers from identity theft and related fraud. One key improvement is increased collaboration with payroll providers, whose wage and withholding data are frequent targets for cybercriminals. The initiative also establishes five […]
Read More New IRS Security Framework Targets Identity Theft and Payroll FraudEmergencies can strike your home at any time, whether it’s a natural disaster, such as a hurricane or wildfire, or another event, such as an electrical fire or burst pipe. Preparation can help minimize disruption. Create (or update, if needed) your emergency plan today to protect your financial and tax records. Consider making secure electronic […]
Read More Emergency Preparedness Includes Protecting Important Tax Documents
Our Blog 