Education Credits worth $2,500 per student

Two education credits may help you reduce your income tax bill. The American Opportunity Tax Credit is worth as much as $2,500 per student for up to four tax years. If the credit brings the amount of tax you owe to zero, up to $1,000 can be refunded. The student must pursue a degree at […]

Pennsylvania man sentenced to 15 years in prison

Recently, a Pennsylvania man was sentenced to more than 15 years in prison for perpetrating an elaborate investment fraud scheme. He committed multiple tax crimes as part of the scheme, including diverting close to $20 million in taxable income to a company he falsely claimed he didn’t own and failing to report to the IRS […]

Planning for the future: 5 business succession options and their tax implications

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan should you unexpectedly be unable to run the business, exploring different […]

Payment Plan Options

If taxpayers are unable to pay their tax bills in full by April 15, there are IRS payment plan options available. The tax agency urges those who can’t pay the full amount to file their tax returns and pay as much as they can on or before April 15. Filing on time avoids the late […]

More Tariffs

On April 7, President Trump threatened in a social media post that the U.S. would impose an additional 50% tariff on Chinese-produced goods. This 50% tariff is in addition to the already announced 20% tariff due to fentanyl trafficking and a separate 34% tariff announced on April 2. If implemented, the president’s new taxes on […]

Harness the power of QuickBooks for your business

Accurate financial records help business owners manage cash flow, tax obligations and strategic planning. QuickBooks® is one of the most widely used bookkeeping software solutions for small and midsize businesses, offering a comprehensive suite of tools designed to simplify financial management and support business growth. Why QuickBooks stands out QuickBooks offers several advantages over other […]

Did you miss the due date?

Did you miss the due date? If you make estimated tax payments, be aware that April 15 isn’t just the 2024 tax filing deadline. It’s also the deadline for the first estimated tax payment for 2025. Estimated tax payments are generally made by self-employed people, retirees, investors, businesses and others who don’t have taxes withheld […]

Bill advancing includes no tax on tips, overtime and Social Security

On April 5, the U.S. Senate voted 52-48 to approve a budget blueprint that allows them to take the next step in moving President Trump’s “one big, beautiful bill” forward. The resolution now heads to the U.S. House for consideration. The big bill Republicans hope to pass would extend many provisions in the Tax Cuts […]

Disaster relief bill moves to Senate

Two bills that recently passed unanimously in the U.S. House are intended to make it easier for victims of disasters to obtain tax relief. H.R. 517 would enable the IRS to grant federal tax relief to affected taxpayers as soon as governors of states declare a state of emergency. Currently, the IRS must wait until […]

Why smuggling was popular in 18th century Britain