Taxes

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,…

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…

Understanding 1099 Filing Requirements: A Q&A for Businesses

Businesses of all sizes are preparing to meet important tax reporting obligations – including the filing of Form 1099. Failing to properly issue and file 1099s can result in costly penalties and unnecessary IRS issues. In this article, In-Charge Senior Accountant Bryce Tarletsky, CPA offers…

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…

Form 1040 vs. 1040NR: Understanding U.S. Tax Residency and Double Taxation

Understanding whether you’re considered a U.S. tax resident (or not) is one of the most important, and often misunderstood, parts of cross-border tax compliance. In this article, Senior Accountant Ashlee Hohman, CPA breaks down the key differences between Form 1040 and Form 1040NR, explains how…

If you’re married, should you file jointly or separately?

Married couples have a choice when filing their 2025 federal income tax returns. They can file jointly or separately. What you choose will affect your standard deduction, eligibility for certain tax breaks, tax bracket and, ultimately, your tax liability. Which filing status is better for…

Understanding Capital Assets and How Capital Gains and Losses May Affect Your Taxes

Capital gains and losses can have a bigger impact on your tax bill than you might expect. In this article, Staff Accountant Kayla Guarisco breaks down what qualifies as a capital asset, how gains and losses are classified and illustrates why understanding the impact is…