First estimated tax payment deadline for the 2025 tax year

IRS issues automatic payments for Recovery Rebate Credit from 2021

The IRS announced plans to issue automatic payments to eligible taxpayers who didn’t claim the Recovery Rebate Credit on their 2021 tax returns. IRS data showed that many taxpayers filed a return but didn’t claim the credit. The Recovery Rebate Credit is a refundable credit for taxpayers who didn’t receive one or more Economic Impact […]

Did you get Married in 2024?

Did you or someone you know get married in 2024? The IRS has provided a checklist to help newlyweds avoid mistakes that could cost them at tax time. How you file depends on your marital status on Dec. 31. The married-filing-jointly status is typically the most beneficial for married couples. Still, taking a what-if look […]

Another court ruling on BOI reporting: Requirements are halted again

In a surprising turn of events, a federal appeals court has issued another ruling that suspends a requirement for businesses to file reports about their beneficial ownership information (BOI). This came just days after the same court issued a ruling that resulted in the federal government announcing that millions of small businesses did have to […]

2025 Mileage Rates

The IRS has issued the 2025 cents-per-mile rates that can be used to calculate tax-deductible vehicle operating costs. Effective Jan. 1, 2025, the standard mileage rate for the business use of a car, van, pickup truck or panel truck is 70 cents per mile. (This is up from 67 cents per mile for 2024.) The […]

Gift Tax Exclusion begins anew for 2025

Wealthy taxpayers can reduce the size of their taxable estates by giving strategic holiday gifts to family members. For example, under the annual gift tax exclusion, you can give up to $18,000 ($36,000 from married couples) per recipient in 2024, with no federal tax implications. Such gifts don’t deplete your lifetime gift and estate tax […]

When can you deduct business meals and entertainment?

You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s take a look at what you can deduct in 2024. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. That means, for example, that […]

The Charitable Act

The Charitable Giving Coalition (CGC) has formally asked the U.S. House Ways and Means Committee and Senate Finance Committee to pass the bipartisan Charitable Act. The Tax Cuts and Jobs Act made many taxpayers ineligible to deduct charitable contributions because they must itemize to claim the deduction. The result: widespread declines in donations to charity […]

Happy New Year

“Write it on your heart that every day is the best day in the year.” —Ralph Waldo Emerson Wishing you a safe & happy New Year!

Final Regulations for Premium Tax Credit Issued

The IRS has issued final regulations that modify the definition of a “coverage month” for purposes of calculating the premium tax credit (PTC). The credit helps eligible individuals cover their premiums for health insurance purchased through the Health Insurance Marketplace. The regs clarify that a month qualifies as a coverage month if the amount of […]