Staff Articles

What Losses Can You Deduct if You Live in a Federally Declared Disaster Area?

Have you experienced any losses caused by severe storms, floods, hurricanes, or other disasters? If you have, you may be able to deduct those losses on your tax return if you live in a federally declared disaster area. Federal Disaster Areas When a state or…

How Buying a New Car Could Reduce Your Tax Liability

Overview of the Inflation Reduction Act of 2022 and the Clean Vehicle Credit The Inflation Reduction Act of 2022 is a 10-year plan that introduced new tax regulations and provided additional funding to the IRS. The funds were intended to improve the services and technology…

Looking to Adopt? Learn More About the Tax Credits You Can Receive…

Adopting is a very fulfilling and is a great way to grow your family and can be a wonderful experience but a costly one and the IRS understands this. This article will provide you with a brief, not all-inclusive, explanation on the adoption tax credit,…

Understanding Section 199A (Qualified Business Income Deduction)

The Tax Cuts and Jobs Act introduced a business income deduction that went into effect after December 31, 2017, and continues until December 31, 2025 when it is scheduled to sunset. This deduction is referred to as the Section 199A deduction. Section 199A allows eligible…

To Deduct or Capitalize? How the De Minimis Safe Harbor Election Can Simplify Your Tax Decisions

The question of whether to capitalize or deduct an expense in the current year is one that every tax preparer must consider when reviewing a client’s fixed asset additions or repairs and maintenance details. Oftentimes, the answer relies as much on subjectivity as on the…

Navigating Change: A New Path to CPA Licensure

On September 12th, 2024, the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) released an official memorandum that proposes a new pathway to CPA licensure. This proposal introduces the “Competency-Based Experience” pathway, and it is not a replacement…

Wondering What Will Happen with Your Assets After Death? Avoid Probate and Learn More Here.

We do not typically think about what will happen when we are gone but there are some instances where thinking ahead is beneficial. This article will provide you with a brief, not all-inclusive, explanation of probate, the types of assets, ways you can avoid probate…

The Home Office Deduction: an overview of the requirements and deductible expenses

Have you ever wondered whether you qualify for the home office deduction? This article is intended to serve as a brief, not all-inclusive, explanation as to who is eligible for the deduction, various expenses that can be deducted, and other IRS reporting requirements. What is…

Still thinking about becoming a landlord? There are some other things that you should know.

Our last article on real estate investment focused on the passive activity loss rules but there are other tax implications to being a landlord that should be considered in addition to this. A main concern for investors in real estate not held for personal use…

The Ins and Outs of Individual Federal Estimated Tax Payments and the Penalties for Not Paying.

Have you ever wondered why your accountant sets up quarterly estimated tax payments? This article is intended to serve as a brief, not all-inclusive, explanation as to why some individuals are required to pay in estimated tax payments, and what happens if they don’t pay…