Business owners can generally deduct ordinary and necessary expenses paid or incurred during the taxable year, provided they can substantiate them. In one case, the U.S. Tax Court denied depreciation deductions claimed by an engineering firm owner for the value of his own time spent developing a program. Self-performed labor isn’t “paid or incurred,” the […]

Tracking the Economic Impact of the Trump Tariffs https://bit.ly/3Qr67Ni 

Recreational Marijuana Taxes by State, 2025 https://bit.ly/3U2YaQK 

Are changes ahead for the student loan interest tax deduction? It’s possible. Republicans in Congress are currently considering ending this deduction as a way to help offset the cost of extending many provisions in the Tax Cuts and Jobs Act. Ending the deduction could result in savings of $30 billion over 10 years, according to […]

Receiving a letter from the IRS requesting a meeting to discuss a tax issue can be a taxpayer’s biggest nightmare. The good news is you can authorize a third-party representative to communicate with the IRS on your behalf. Before this can happen, you must grant the representative formal permission. There are several ways to do […]

On March 26, President Trump announced 25% tariffs on imported automobiles, light trucks and key parts (such as engines and electrical components), and said they’ll be permanent. Trump expects the move to raise $100 billion in annual revenue and spur domestic auto manufacturing. U.S. auto manufacturers will be affected because they source parts from other […]

You should have received a Form W-2 from your employer by Jan. 31, 2025. This form is used to file your federal income tax return. What if you didn’t receive it or you’ve requested a replacement and haven’t received that either? The IRS allows you to estimate your wages and any taxes your employer may […]