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Do I need to report beneficial ownership?
Do I Need to Report Beneficial Ownership Information?" explores the complexities of Beneficial Ownership Information (BOI) reporting and its impact on small businesses. This insightful guide breaks do... ...more
Taxes ,Other
December 17, 2024•3 min read
What Education Expenses Are Tax Deductible?
Navigating college expenses can be overwhelming, but understanding which costs are eligible for tax deductions or credits can help lighten the load. In this blog, we break down the IRS rules for educa... ...more
Deductions ,Taxes &Expenses
December 10, 2024•2 min read
Can I deduct IRA contributions on my taxes? (2024 Update)
A concise guide to 2024 IRA contributions and deductions, covering MAGI thresholds, filing status rules, and real-life examples for both Traditional and Roth IRAs. Learn how to maximize your retiremen... ...more
Deductions ,Taxes
December 03, 2024•3 min read
What is Depreciation Recapture?
When selling a primary residence with a rented portion, homeowners must account for depreciation recapture—a tax on deductions claimed for the rental portion. While the Section 121 exclusion allows up... ...more
Deductions ,Taxes
November 26, 2024•5 min read
Can I deduct taxes paid to foreign governments?
You can avoid double taxation with two options: the Foreign Tax Credit or the Foreign Tax Deduction. The credit provides a dollar-for-dollar reduction on U.S. taxes, while the deduction lowers taxable... ...more
Deductions ,Taxes
November 19, 2024•1 min read
Can I Deduct Gifts to Charities?
This post explains how donations to churches and charities can be tax-deductible, provided they meet certain requirements. While donations of time aren’t deductible, monetary and non-cash gifts can be... ...more
Deductions ,Taxes
November 12, 2024•2 min read
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