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The IRS requires taxpayers to follow strict rules for reporting cash transactions above $10,000. This requirement affects everyone, from an independent contractor to a retailer...
Many owners of pass-through businesses and self-employed individuals have taken advantage of the Section 199A qualified business income (QBI) deduction. Created by the Tax Cuts...
The Social Security Board of Trustees recently released "The 2025 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability...
If you're selling a business, the buyer may want to pay part of the price through an earnout provision. This is a contractual arrangement in which the seller receives additional...
Where you live can have a major impact on your tax bill. If you're retiring or able to work remotely, you might be thinking about relocating, and taxes can be a major factor in...
Tax credits are the most valuable tax breaks available. Each dollar of credit equals a dollar of tax savings. By comparison, if you're in the 32% federal income tax bracket, each...
The U.S. House of Representatives recently passed a sweeping tax and spending measure, dubbed "The One, Big, Beautiful Bill." It includes significant tax implications for...
As separate legal entities, estates and nongrantor trusts must file their own federal tax returns, just like individual taxpayers. Unlike individuals, however, these entities may...
On April 2, 2025, President Trump rolled out his promised new tariff policy. A long-time fan of tariffs, Trump surprised many with a baseline tariff on all U.S. imports and...
Many businesses have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that...