tax
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax…
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With the passing of Virginia House Bill 2387, Virginia individual filers are now able to claim up to a $300 annual tax credit ($600 if married-filing-jointly and each spouse submits…
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Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels, and salons. Compliance with federal and state tax…
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A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as great as they…
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With the 2025 tax filing season underway, be aware that the deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them…
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Underpay your 2023 taxes? Consider filing an amended tax return Should you file an amended income tax return for 2023? Each situation should be decided on its own merits. But…
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U.S. citizens are subject to federal gift and estate taxes on transfers of their assets during life (via gift tax) or at death (via estate tax). However, they enjoy certain…
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There are many good reasons for rolling over funds from one IRA to another — or from a 401(k) plan or other employer retirement plan to an IRA. Perhaps you…
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New and used “heavy” SUVs, pickups, and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use the vehicle more…
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At one time, businesses were able to claim a tax deduction for most business-related interest expenses. But that changed with the enactment of the Tax Cuts and Jobs Act (TCJA).…
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