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Tax Tips for June 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 the Social Security Administration (SSA) so that the name on your Social Security card matches the name on your tax return. To make this change, file Form SS-5, “Application for a Social Security Card,” available from www.ssa.gov. Tax withholding. Both spouses must furnish their employer(s) with new...

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What’s Your Business Exit Strategy?

What’s Your Business Exit Strategy?

by | Jun 9, 2025 |

Ever since you became a business owner, you’ve focused on growing revenue, managing expenses and leveraging tax advantages. But don’t overlook a critical element of your long-term financial well-being, that is, a business exit strategy. Ideally, your exit strategy will help you meet your retirement and estate planning goals.

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Choosing the Optimal Accounting Method for Tax Savings

Choosing the Optimal Accounting Method for Tax Savings

by | Jun 2, 2025 |

The accounting method your business uses to report income for tax purposes, either cash or accrual, can significantly impact your tax bill. While the cash method can offer tax-saving opportunities, the accrual method may in some cases be more appropriate or even required. So review your current method to help ensure you’re using the best method for your business.

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The Tax Side of Gambling

The Tax Side of Gambling

by | Apr 22, 2025 |

Whether you’re a casual or professional gambler, your winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest and penalties. Here’s what you need to know to stay compliant and potentially minimize your tax liability.

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