Qualified Charitable Distributions (QCDs) are a highly effective tool in the tax planning toolkit, particularly for retirees who must take Required Minimum Distributions (RMDs) from their Individual Retirement Accounts (IRAs). By directing a portion or all of an RMD directly to a charity, taxpayers can potentially reduce their taxable income significantly, yielding multiple tax advantages. Understanding QCDs A QCD…
In a move set to redefine the refund process, the Internal Revenue Service (IRS), in collaboration with the U.S. Department of Treasury, has announced the gradual phasing out of paper tax refund checks starting September 30, 2025, as mandated by Executive Order 14247. This transition to electronic refunds marks a significant shift aimed at modernizing…
Growth Feels Great—Until It Doesn’t At first, running your business feels simple: money comes in, bills go out, and if there’s something left over, you’re doing fine. Then growth happens. More clients. Bigger projects. Higher payroll. Maybe even a second location. Suddenly, cash doesn’t flow the way it used to. You’re booking record sales, but your bank balance looks… thin. You’re working harder than ever, yet the pressure to…
The Economy Feels Mixed — and That’s Okay If you’ve read the headlines lately, you know the signals are…confusing. GDP is strong. Interest rates may be heading lower. Inflation is easing, but not “gone.” Tariffs are making imports more expensive. So is the economy strong? Slowing? Recovering? The truth is—it depends on who you ask….
On September 2, 2025, the Treasury Department released a draft list of 68 occupations eligible for the new “no tax on tips” deduction. This deduction is part of the “One Big Beautiful Bill Act,” signed into law on July 4, 2025, and applies to federal income taxes for the 2025—2028 tax years. The deduction is…
In the swirling complexities of tax legislation, even well-intentioned provisions can seem like offers of relief that arrive weighed down with restrictions. The OBBBA provision, which allows taxpayers to deduct up to $10,000 of interest paid on passenger vehicle loans, is poised to be one such measure. On the surface, it beckons with the promise…
The IRS has announced that it will begin requiring all tax payments to be made electronically starting later this year. This move is part of a broader effort to modernize the agency’s systems, reduce processing times, and improve payment security. What This Means for You: The IRS will no longer accept paper checks or other…
If you’ve ever wanted to slice and dice your financial data in QuickBooks® Online without changing your chart of accounts or creating new classes or locations, you’re in luck. The Tags feature in QuickBooks® Online offers an intuitive, flexible way to track transactions across any category you choose—clients, events, sales channels, campaigns, or even employee…
UNDERSTANDING REASONABLE CAUSE ABATEMENT Reasonable cause abatement is a provision that allows taxpayers to request the removal of certain penalties based on circumstances that prevented the taxpayer from complying with tax laws. This relief is grounded in the principle that, despite the taxpayer’s best efforts, compliance was not possible due to unforeseen events or circumstances…
You know that moment in April when you look at your tax bill and think:“We could’ve done something about this… if we’d only planned earlier.” Well, this is earlier. And if you’re a business owner who’s having a good year so far (or even just a better-than-expected one), now’s the time to stop the silent tax creep….
