Is it Deductible?

Many Americans donate to IRS-approved nonprofit organizations they wish to support. If they itemize deductions at tax time, donors may also get a tax break. But if a nonprofit violates tax laws and rules, the IRS may revoke its tax-exempt status and remove it from the list of approved organizations. That means contributions to it […]

Recreational Marijuana Taxes by State, 2024

Recreational Marijuana Taxes by State, 2024 https://bit.ly/3U2YaQK

Due Date rolling up fast

For taxpayers who’ve obtained a filing extension for their 2023 federal income tax return, the extended deadline is rapidly approaching: Tuesday, Oct. 15. To be able to file by the deadline, you’ll need to gather Social Security numbers for everyone on your return; bank account and routing numbers for direct deposit; any Forms W-2 and […]

Understanding the $7,500 federal tax credit for buying an electric vehicle

Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in the U.S. was 7.6% in 2023, up from 5.9% in 2022. To incentivize the purchase of EVs, there’s a federal tax credit of up to $7,500 for eligible vehicles. The tax break for EVs […]

IRS Budget cut in the Appropriations Act

On Sept. 25, the U.S. House and Senate passed the Continuing Appropriations and Extensions Act, 2025 (H.R. 9747) to prevent a federal government shutdown without passing a final appropriations bill. Although H.R. 9747 doesn’t add new policy proposals, it includes a rescission of $20 billion in IRS funding from the original $80 billion allocated to […]

It’s time for your small business to think about year-end tax planning

With September in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the approach of bunching deductible expenses into this year or next […]

Ireland passes Bahamas to become Ninth most significant tax haven

Ireland has jumped into the top-10 ranking of global tax havens. According to the Tax Justice Network, which campaigns for tax transparency, the country has passed the Bahamas to become the ninth most significant tax haven. The British Virgin Islands, Cayman and Bermuda currently top the list. The Tax Justice Network uses a points-based ranking […]

Strong controls over financial reporting are essential

Public companies are required to evaluate and report on internal controls over financial reporting using a recognized control framework under rules set forth by the Securities and Exchange Commission (SEC). However, private companies also need checks and balances to help ensure their financial statements are correct and reduce the risk of fraud. Additionally, transparent reporting […]

Tax relief for farmers

The IRS is providing tax relief for farmers and ranchers forced to sell or exchange livestock because of drought conditions in 41 states and other areas. Specifically, farmers and ranchers may have additional time to replace their livestock and defer tax on any gains from forced sales or exchanges. The tax relief generally applies to […]

Make 5 money-smart moves before year end