If an individual taxpayer has substantial business losses, unfavorable federal income tax rules may come into play. If your business or rental activity throws off a tax loss (and many do during the early years), things can get complicated. For example, you can’t deduct an exc ...

Getting ready to file your 2024 return and finding your tax bill is higher than you’d like? There may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA up until this year’s April 15 filing deadline and benefit on ...

As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. If you’re eligible, there are two ways to claim deduc ...

You can itemize deductions if the total of your allowable itemized write-offs for the year exceeds your standard deduction allowance for the year. Otherwise, you must claim the standard deduction. The basic standard deduction allowances for 2024 are: $14,600 for single taxpay ...

Current tax law generally limits deductions of business interest, with certain exceptions. If your business has significant interest expense, it’s important to understand the impact of the Section 163(j) deduction limit on your tax bill. Unless your company is exempt, your ma ...

Did you make significant gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you must file a gift tax return by April 15 (Oct. 15 if you file for an extension). The annual gift tax exclusion was $18,000 in 2024 (increasin ...

Are you starting a business with partners and considering the best entity to form? An S corporation might be the ideal choice. One significant advantage of an S corp over a partnership is that, as an S corp shareholder, you won’t be personally liable for corporate debts. If y ...

If your employer offers tax-favored transportation fringe benefits, you should probably take advantage of them. For 2025, employer-provided mass transit passes for train, subway and bus systems are tax-free to an employee, up to $325 a month. Your company can’t deduct the cos ...

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. Here are five options to consider: 1) Transfer the business directly to family members through a sale or gifts. 2) ...

Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and legal consequences. Here are four quick tips: 1) Maintain organized records so you can verify to the IRS that you’re withholding and remitt ...

Have you ever bought stock shares that later became worthless? (This may become relevant in light of recent market volatility.) At least you can claim a tax deduction. You can claim a capital loss equal to your basis in the stock (generally what you paid for it). The stock is ...

Suppose your adult child or friend needs to borrow money. You may want to help by making a personal loan. But there are tax implications that you should understand. You want to be able to prove that you intended for the transaction to be a loan rather than an outright gift. T ...

For federal income tax purposes, rental real estate losses are generally considered passive activity losses (PALs), which can only be deducted against passive income from other sources. If you don’t have enough passive income, excess PALs are suspended and carried forward to ...

When preparing your tax return, we’ll check one of the following statuses: single, married filing jointly, married filing separately, head of household (HOH) or qualifying widow(er). Filing as HOH is more favorable than filing as single. To illustrate, the 2025 HOH standard d ...

Drafting a Financial Blueprint for Your Blended Family - bza.me/?P8585N

Real-World Tax Advice for Recent College Grads - bza.me/?75M76G

Use a Letter of Instructions to Clarify Your Wishes to Your Loved Ones - bza.me/?28FO6E

What Are the Tax Implications of Gold and Other Precious Metal Investments? - bza.me/?MEZ3O3

Use a Letter of Instructions to Clarify Your Wishes to Your Loved Ones - bza.me/?QVX8DM