On the evening of Feb. 25, the U.S. House of Representatives approved a budget resolution that includes $4.5 trillion in tax cuts and $2 trillion in federal spending cuts over 10 years. Approving the resolution was the first step for Republicans to pass a wide-ranging bill using reconciliation, which requires a simple majority vote. If […]
Read More House approves budget resolutionChances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is due to be filed by April 15 (unless you file for an extension). However, it’s a good time to familiarize yourself with tax amounts that may […]
Read More Looking ahead to 2025 tax limits as you prepare to file your 2024 returnWhat should you do if you receive a tax refund that’s more than you’re entitled to? Or what if you receive one that you’re not entitled to? Handling these situations largely depends on the details. A paper check refund should be voided and returned within 21 days of receipt to the address in the link […]
Read More Receive a incorrect refund?The U.S. Senate and House of Representatives are on two separate paths as they move toward the same goal of passing tax legislation. The former is taking a two-bill approach. The Senate passed its first budget resolution on Feb. 21 covering immigration, defense and energy. It’s planning to tackle taxes in a second bill later […]
Read More Bills are making their way thru CongressA variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as great as they have been in the last few years. Here are some amounts that may affect you and your business. 2025 deductions as compared with 2024 Section […]
Read More Many business tax limits have increased in 2025Certain taxpayers who can’t pay their entire tax liabilities may seek an Offer in Compromise (OIC) from the IRS. An OIC agreement settles the debt for less than owed if a taxpayer can show verifiable financial hardship. One married couple that operated an education facility owed $605,597 but proposed to pay only $75,000, citing “exceptional […]
Read More Offer in Compromise (OIC)A vital tax deadline is coming up on March 3 (due to the weekend) for certain farmers and fishers. To avoid estimated tax penalties, they must file their 2024 federal tax returns and pay all taxes due by March 1 if they didn’t make estimated tax payments by Jan. 15, 2025. According to the IRS, […]
Read More Deadline Day for FarmersFinancial forecasting provides a roadmap to guide your organization on the path to success. Forecasts support strategic planning by helping you allocate resources efficiently, manage risks effectively and optimize capital investments. However, today’s dynamic marketplace is uncharted territory, so you can’t rely solely on historical data. Reliable forecasts also consider external market trends and professional […]
Read More How to forecast smarterThe IRS’s Taxpayer Bill of Rights represents 10 fundamental rights to which taxpayers are entitled when interacting with federal tax authorities. One of these is the right to confidentiality. Any information provided to the IRS can’t be disclosed to third parties unless the taxpayer requests it or the law requires it. If IRS employees or […]
Read More IRS’s Taxpayer Bill of RightsTest your Tax Knowledge! Can you answer this question right?
Read More Types of taxable income
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