Due dates for disaster extension recipients

Taxpayers who’ve received disaster extensions to file their 2023 tax year returns have varying deadlines based on their locations. For example, taxpayers in the entire states of Alabama, Florida, Georgia, North Carolina and South Carolina, as well as those in parts of Tennessee and Virginia, have until May 1, 2025, to file 2023 returns. For […]

Should I give a gift?

As the year winds down, you may want to combine smart estate tax planning with tax savings using the annual gift tax exclusion. You can give cash or property (up to a specified value) to an unlimited number of family members or friends each year without gift tax implications. That specified amount is subject to […]

Advantages of keeping your business separate from its real estate

Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering this strategy. With long-term tax, liability and estate planning advantages, separating real estate ownership from the business may be a wise choice. How taxes affect a sale Businesses that are formed […]

Tax breaks may be available for adoption of children

Adopting a child is expensive. Fortunately, there may be tax breaks to help adoptive parents offset some of the costs. In 2024, a credit of up to $16,810 is available for qualified expenses, with phaseouts for higher-income parents. In 2025, the credit will rise to $17,280. The credit is nonrefundable, which means it’s limited to […]

Cannabis remains a scheduled drug not allowing tax deductions

Recently, a California-based medical cannabis dispensary was denied federal tax deductions for business expenses and charitable contributions. Even though the dispensary is licensed in California and its trade is legal under California law, “trafficking marijuana” is illegal under federal law. In denying the deductions, the U.S. Tax Court referenced IRC Sec. 280E, which prohibits deductions […]

The evolution of financial reporting

In recent years, the accounting rules have undergone significant changes, including updated standards for reporting revenue, leases and credit losses. While business owners and managers often express frustration over the complexity of these rules, they’re more than an exercise in compliance. They help promote investor confidence and efficient capital markets. Here’s an overview of why […]

Employee health benefit limits updated for 2025

Employers and employees, take note: The IRS has released 2025 inflation-adjusted limits for employee health benefits. Workers who defer earnings to health flexible spending arrangements can contribute as much as $3,300 in 2025 (up from $3,200 in 2024). And for plans that allow carryover of unused amounts, the 2025 carryover maximum will be $660 (up […]

The Premium Tax Credit

The premium tax credit (PTC) helps eligible individuals cover their premiums for health insurance purchased through the Health Insurance Marketplace. It was “enhanced” for the 2021 and 2022 tax years to allow taxpayers with incomes over 400% of the federal poverty line to claim a portion of the credit. The Inflation Reduction Act extended the […]

2025 Inflation adjustments announced

The IRS has announced inflation adjustments for 2025. The 2025 standard deduction for single taxpayers and married individuals filing separately will be $15,000, an increase of $400 from 2024. For married joint filers, it will be $30,000, an increase of $800 from 2024. For heads of households, the standard deduction will be $22,500, an increase […]

Potential estate tax relief for family businesses