Performing a mid-year QuickBooks® cleanup is a smart habit that small business owners and bookkeepers can adopt to stay ahead of their financial responsibilities. Waiting until year end to review your accounting records can lead to unnecessary stress, missed deductions and preventable errors. When you need to update your QuickBooks lists — such as the […]
Read More QuickBooks users: It’s time for a mid-year reviewA microcaptive arrangement is a type of self-insurance that allows businesses to form their own small insurance companies to insure risks specific to the businesses. In a new case, the U.S. Tax Court ruled that a married couple wasn’t allowed to deduct insurance premiums paid to a microcaptive arrangement. The premiums were paid by an […]
Read More Think Your Microcaptive Is Deductible? The Tax Court DisagreesHow to Rein in the National Debt https://taxfoundation.org/research/all/federal/us-debt-deficits-federal-budget-spending-taxes/
Read More How to Rein in the National DebtNot just anyone can file a federal tax return as Head of Household – Test your knowledge with this quiz.
Read More Not just anyone can file a federal tax return as Head of HouseholdCigarette Taxes and Cigarette Smuggling by State https://bit.ly/4lmJiHD
Read More Cigarette Taxes and Cigarette Smuggling by StateA tax break in the One, Big, Beautiful Bill Act is a boon for founders of successful startup businesses. Before the new law, the qualified small business stock exclusion generally enabled early investors (who acquired stock when a company was worth less than $50 million) to pay no tax on the first $10 million in […]
Read More From $10M to $15M Tax-Free — Here’s What ChangedIf a couple gets separated or divorced, it affects tax obligations. The IRS considers couples married for tax purposes until a final decree is issued. After separating or divorcing, update your Form W-4 with your employer and check withholding using the IRS estimator. Certain alimony payments may be deductible by the payer and taxable to […]
Read More Separated or Divorced? Here’s What It Means for Your TaxesThe One, Big, Beautiful Bill Act (OBBBA) includes, among many other things, numerous provisions that can affect an individual’s taxes. The new law makes some changes to existing tax breaks that will be significant to many, but not all, taxpayers. It also creates new breaks that, again, will be significant to certain taxpayers. Finally, it […]
Read More How will the One, Big, Beautiful Bill Act affect individual taxpayers?Adopting a child is expensive, but adoptive parents may qualify for a tax break to offset some of the costs. Under the One, Big, Beautiful Bill Act (OBBBA), the tax break got better for some parents. For 2025, the maximum adoption credit is $17,280 of qualified expenses, with phaseouts for higher-income parents. Under prior law, […]
Read More New Law Makes Part of the Adoption Credit Refundable — Finally!Federal law generally defines gross income as income from all sources. This includes income from settlements unless excluded by law, such as those paid for personal injuries or personal sickness. One married couple received a $1,800,000 settlement from the wife’s former employer, but they didn’t report the amount on their tax return. The wife argued […]
Read More They Didn’t Report $1.8M — Here’s What the Tax Court Said
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