Caras & Shulman, Author at Caras Shulman

Tax Tips for March 2025

by Caras & Shulman | Mar 25, 2025 | Tax Tips

Click on the links below to jump to each section in this article: File Your FBAR on Time to Avoid Penalties Options for Paying Your Tax Bill Stay Ahead of Business Cybercrime File Your FBAR on Time to Avoid Penalties Any U.S. person with a financial interest in or authority over foreign financial accounts may be required to file a Report of Foreign Bank and Financial Accounts (FBAR). An FBAR is required if the aggregate value of the accounts exceeds $10,000 at any time during the...

It May Not Be Too Late to Reduce Your 2024 Taxes

by Caras & Shulman | Mar 18, 2025 | Featured Articles

If you’re preparing to file your 2024 federal income tax return and your tax bill is higher than you’d expected or your tax refund is smaller than you’d hoped, there might still be an opportunity to change it. If you qualify, you can make a deductible contribution to a traditional IRA until the filing date of April 15, 2025, and benefit from the tax savings on your 2024 return.

Next-Level Growth: Unlocking Your Business’s Full Potential

by Caras & Shulman | Mar 11, 2025 | Featured Articles

After successfully navigating the start-up phase, your business has a strong foundation for growth. At the growth stage, business and financial advisory services become essential. Focus on these two key areas to elevate your company to the next level.

Could You Be Hit with the Trust Fund Recovery Penalty?

by Caras & Shulman | Mar 4, 2025 | Featured Articles

If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to the mishandling of Social Security and income taxes that must be withheld from employees’ wages.

Don’t Move … Until You’ve Considered the Tax Implications

by Caras & Shulman | Feb 24, 2025 | Featured Articles

With so many people working remotely, it’s become more common to think about moving to another state, perhaps for better weather, to be closer to family or to reduce living expenses. Retirees also look at out-of-state moves for many of the same reasons. If you’re thinking about such a move, consider taxes before packing up your things.

Who Can Take the Home Office Deduction?

by Caras & Shulman | Feb 17, 2025 | Featured Articles

Working from home isn’t new, especially for self-employed people. But during the height of the pandemic, millions of jobs were moved from employers’ premises to employees’ private homes. Many continue working from home and wonder if they qualify for the home office tax deduction.

Updated Guide to Robust Depreciation Write-offs for Your Business

by Caras & Shulman | Feb 10, 2025 | Featured Articles

Tax-saving benefits are generally available when your business puts newly acquired qualifying assets into service. Under Section 179 of the tax code, companies can take substantial depreciation deductions, subject to various limits adjusted annually for inflation.

Tax Tips for February 2025

by Caras & Shulman | Feb 3, 2025 | Tax Tips

Click on the links below to jump to each section in this article: Tips for Pain-Free Tax Filing Deduction vs. Credit Required Withholding for Supplemental Pay Tips for Pain-Free Tax Filing It’s time again to start thinking about getting your tax return prepared. Here are some quick tips you can use to help speed tax processing and avoid hassles. Gather all documents needed to prepare an accurate return, including W-2s, 1099 forms, statements of interest and dividends, and relevant...

4 Key Tax Questions About 2025 Taxes

by Caras & Shulman | Jan 21, 2025 | Featured Articles

Right now, you may be more focused on what you’ll owe (or receive as a refund) when you file your 2024 tax return in April than on tax planning for the new year. However, as you work through your annual tax filing, you should familiarize yourself with amounts that may have changed for 2025 due to inflation adjustments.

Prepare for Resilience with a Business Continuity Plan

by Caras & Shulman | Jan 14, 2025 | Featured Articles

Companies without a disaster recovery or business continuity plan need only consider the aftermath of recent hurricanes. News reports estimated property damages from Hurricane Helene alone last year to be more than $59.6 billion, plus disruption of untold businesses and services.

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Posts by Caras & Shulman

Tax Tips for March 2025

It May Not Be Too Late to Reduce Your 2024 Taxes

Next-Level Growth: Unlocking Your Business’s Full Potential

Don’t Move … Until You’ve Considered the Tax Implications

Who Can Take the Home Office Deduction?

Updated Guide to Robust Depreciation Write-offs for Your Business

Tax Tips for February 2025

4 Key Tax Questions About 2025 Taxes

Prepare for Resilience with a Business Continuity Plan

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