Category: Tax Tips

Tax Tips for December 2025

Tax Tips for December 2025

by | Dec 22, 2025 |

Click on the links below to jump to each section in this article: Simplify Expense Reporting With High-Low Travel Per Diem Rates Last-Minute Tax Strategy: Accelerating Deductions What Are the Tax Consequences of Employee Gifts?   Simplify Expense Reporting With High-Low Travel Per Diem Rates The “high-low” per diem method is a simplified way to reimburse employees who travel for your business compared to tracking actual lodging, meal and incidental expenses. For most areas within the...

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Tax Tips for December 2025

Tax Tips for November 2025

by | Nov 25, 2025 |

Click on the links below to jump to each section in this article: Make Sure Every Donation Counts Making Tax-Free Gift in 2025 and 2026 Easier Reporting Rules for Some Forms   Make Sure Every Donation Counts Charities obviously benefit when you donate to them. But you can also benefit by securing a tax deduction on your 2025 income tax return if you donate by Dec. 31, itemize deductions and comply with the tax rules. Here are a few rules to keep in mind: Ensure you’re donating to a...

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Tax Tips for December 2025

Tax Tips for October 2025

by | Oct 6, 2025 |

Click on the links below to jump to each section in this article: Can Your Business Benefit from the WOTC? Say Goodbye to Paper Checks Dependent Care Flexible Spending Accounts for Your Business   Can Your Business Benefit from the WOTC? Employers who hire new workers may qualify for a tax benefit, but they shouldn’t wait too long. The Work Opportunity Tax Credit (WOTC) is a valuable federal tax credit that incentivizes employers to hire from certain targeted groups that face employment...

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Tax Tips for December 2025

Tax Tips for August 2025

by | Aug 28, 2025 |

Click on the links below to jump to each section in this article: Timing a Roth IRA Conversion There's No Advantage to Last-Minute Tax Return Filing Bonus Depreciation Gets a Reprieve   Timing a Roth IRA Conversion Now might be a good time for some taxpayers to convert their traditional IRA to a Roth IRA. Traditional IRA withdrawals are taxed and, if taken early, may be subject to penalties. Also, required minimum distributions (RMDs) must be taken starting at age 73 (or 75 if you won’t...

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Tax Tips for December 2025

Tax Tips for July 2025

by | Jul 25, 2025 |

Click on the links below to jump to each section in this article: The Tax Impact of Business Bartering Sending the Kids to Day Camp this Summer? Combine a Business Outing with Tax Breaks   The Tax Impact of Business Bartering Bartering is simply the exchange of services or property, and it’s a taxable event. For example, if a computer consultant trades services with an advertising agency, each must report income equal to the fair market value of the services they received, typically the...

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Tax Tips for December 2025

Tax Tips for June 2025

by | Jun 23, 2025 |

Click on the links below to jump to each section in this article: Marriage and Taxes: Key Changes After Saying 'I Do' Sending the Kids to Day Camp this Summer? Combine a Business Outing with Tax Breaks   Marriage and Taxes: Key Changes After Saying 'I Do' It may not be as fun to plan as the wedding venue, invitations and attire, but marriage can result in changes affecting essential tax issues that need prompt attention following the wedding: Name. If your name has changed, report it to...

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Tax Tips for December 2025

Tax Tips for March 2025

by | Mar 25, 2025 |

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...

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