IRS Audit Crackdown on High Earners: Red Flags to Watch in 2025
If you’re a high earner, 2025 could bring some unwanted attention from the IRS. Audits are on the rise and trust me, you don’t want to be on the receiving end of an IRS audit letter. I’ve seen it firsthand with my clients—one wrong move, like misreporting income or taking too many deductions, hidden offshore […]
Must Read: How to Claim Up to $2,500 for Student Loan Interest
If you paid student loan interest last year, there’s a great opportunity for you to save up to $2,500 on your taxes. While you won’t get this amount back as a refund (since it’s a deduction, not a credit), it can significantly reduce your taxable income, making it a valuable benefit. But here’s the catch: […]
IRS Direct File: Find Out Which States Are Not Included
Today, I’m excited to share some fantastic news about the IRS’s new Direct File system. This program, now a permanent fixture, is a game-changer for taxpayers with an adjusted gross income (AGI) under $200,000. It allows you to file your taxes directly with the IRS, and guess what? It’s completely free! Last year, the pilot […]
10 Ways Tax Professional Simplify Your Tax Filing Process
As a tax professional, I know firsthand how stressful tax season can be. It’s that time of year when everyone seems to be scrambling to gather documents, understand complicated forms, and make sure they’re doing everything right. But that’s where I come in. My job is to take that stress off your shoulders and make […]
2024 Tax Law Changes and Their Effects on Business Tax Planning
The economic environment has been incredibly unpredictable in recent years. The COVID-19 pandemic shook up traditional business practices but also opened new investment doors. Now, with persistent inflation and high interest rates, investment and tax planning strategies have become even more complex. The constantly shifting tax and regulatory landscape adds to the challenge. As a […]
Latest Tax Law Changes and How They Affect Your Tax Planning 2024
As we step into 2024, it’s crucial to stay abreast of the latest tax law changes that could significantly impact your financial planning. Navigating these adjustments can be daunting, but understanding the key changes can help optimize your tax strategy. Here’s a comprehensive overview from a tax expert’s perspective, presented as a personal narrative to […]
URGENT: Federal Reserve Cancels Recession, Prices Fall, Massive Pivot Ahead
Attention everyone! Just a few hours ago, a significant development occurred. The Federal Reserve has chosen to pause rate cuts indefinitely. Surprisingly, investors are now considering the possibility of an unexpected rate hike within the next year, assigning it a 20% probability due to rising inflation, falling stock prices, and global tensions. Today’s Federal Reserve […]
Ensuring Payroll Tax Compliance: A Cautionary Tale and Proactive Steps
When you own and operate a business, it’s imperative to exercise vigilant oversight, especially regarding payroll taxes. Failure to do so can lead to dire consequences, as illustrated by the unfortunate case of Rodney Taylor. The Case of Rodney Taylor and Robert Gard, CPA Rodney Taylor entrusted his corporation’s accounting and bookkeeping to Robert Gard, […]
Understanding Section 529 Plans and Overfunding Solutions
Are you considering a Section 529 savings plan for a child, grandchild, or other family member? These plans offer a great way to help pay for college education. While contributions are not federally tax-deductible, they grow tax-free and can be withdrawn tax-free to cover higher education expenses. What If Your Beneficiary Doesn’t Use All the […]
Navigating the 2020 Employee Retention Credit (ERC) Adjustment: Compliance and Strategic Steps
The IRS mandates that anyone claiming the 2020 Employee Retention Credit (ERC) must adjust their 2020 wages on their tax returns accordingly. If you haven’t yet received your ERC funds and the IRS has not processed your claim, it’s essential to proceed with the necessary amendments to comply with tax laws and avoid potential penalties. […]