Recent Developments

Don’t miss your opportunity to make a 2025 IRA contribution — whether you can deduct it or not

Generally, each year you can contribute up to the annual limit to a traditional or Roth IRA (or a combination of the two). But once the contribution deadline has passed, the opportunity to contribute for that year is lost forever. The deadline for 2025 IRA…

An Income Tax Guide for International Touring Artists Entering the U.S. Market

In this article, Senior Accountant Jacob Hooton, CPA demystifies the U.S. tax landscape for international touring artists. Navigating the U.S. market can be daunting, especially when unfamiliar regulations create unexpected challenges. This practical guide outlines key rules and provides a clear, step-by-step checklist to help…

It’s your last chance to claim these clean energy tax breaks

Last year’s One Big Beautiful Bill Act (OBBBA) terminated several clean energy tax incentives earlier than previously scheduled. But if you bought an electric vehicle or made certain green home improvements last year, you might be eligible for a tax credit on your 2025 individual…

Understanding Section 179: A Depreciation Deduction Q&A

In this article, Staff Accountant Maggie Blenker answers your top questions about the Section 179 Depreciation Deduction: what it is, how it’s applied and key considerations that could affect your eligibility. Q: What is the Section 179 Deduction? A: Rather than depreciating equipment over time,…

April 15 is the deadline for more than just your income tax return

You know your 2025 federal income tax return is due April 15, 2026. But do you know what else has an April 15 deadline? If you don’t, you could miss out on valuable tax-saving opportunities or become subject to interest and even penalties. Making 2025 contributions to…

Schedule C vs. Schedule E: Key Differences and Tax Implications for Individual Taxpayers

If you have income from sources such as a sole proprietorship, single-member limited liability corporation, and rental property, you likely need to report this income on your tax return on Schedules C and E. You may find it confusing when you should report this income…

What’s your potential business vehicle deduction?

If you used one or more vehicles in your business during 2025, you may be eligible for valuable tax deductions on your 2025 income tax return. Businesses can generally deduct expenses attributable to business use of a vehicle plus depreciation. However, the rules are complicated,…

Raising Capital? Your Business May Need Financial Statements

In this article, Staff Accountant Jacob Coughlin, CPA shares a guide to attestation for business owners with a breakdown of options, levels of assurance and other key factors to help you make the right decision for your business. A small business raising capital has two…

Parents: Claim all the tax credits you’re entitled to

Raising a family comes with plenty of expenses, but it may also make you eligible for various tax breaks. Some of the most valuable are tax credits, because they reduce your tax liability dollar for dollar (unlike deductions, which only reduce the amount of income…

Quadrupled SALT deduction limit means more taxpayers will benefit from itemizing on their 2025 returns

An important decision to make when filing your individual income tax return is whether to claim the standard deduction or itemize deductions. A change under the One Big Beautiful Bill Act (OBBBA) will make it beneficial for more taxpayers to itemize deductions on their 2025…