So far in 2025, the Federal Emergency Management Agency (FEMA) has issued 12 major disaster declarations in nine states impacted by winter storms, flooding, tornadoes, wildfires, landslides and mudslides. With tax season over and peak periods for disasters approaching, now is a good time to think about protecting important tax and financial information as partRead more about Protect Your Records for When Disaster Strikes[…]

If you missed the April 15 filing deadline, you should submit your tax return as soon as possible. And if you missed the deadline to file but owe taxes, you should file your tax return as quickly as possible in order to avoid penalties and interest. Requesting an extension allows for additional time to fileRead more about What to Do If You Forgot to File[…]

The deadline for individuals to file their income tax return is April 15, 2025. If you have not yet made an appointment with our office to file your tax return, please contact us as soon as possible. At this late date it may not be possible to file your tax return by April 15, butRead more about Last Call! Tax Day is April 15[…]

In most cases, retirees who turned 73 in 2024 must begin receiving payments from Individual Retirement Arrangements (IRAs), 401(k)s and similar workplace retirement plans by Tuesday, April 1, 2025. Required minimum distributions (RMDs) are payments typically made by year end. However, if you turned 73 in 2024 you can delay your first RMD until AprilRead more about April 1 Deadline for Beginning RMD[…]

Mistakes can happen when preparing a tax return — and that can cause delays or even rejected returns. Knowing what to lookout for can help you help your tax preparer to avoid errors. Common errors Here are some common errors you should look out for: Missing or inaccurate Social Security numbers: Each Social Security numberRead more about Common Tax Return Errors to Watch Out For[…]

Your tax filing status generally depends on being married or unmarried on the last day of the year – which means that your marital status as of December 31, 2024, determines your tax filing options for all of 2024. For filing purposes, the IRS generally considers you as married if you are separated but notRead more about Tax Tips for Marriage Status Changes[…]

The IRS has announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024. Optional standard mileage rates are used to calculate the deductible costs of operating vehicles for business, charitable andRead more about IRS Increases Standard Mileage Rate in 2025[…]

IRS officials have warned taxpayers to avoid promoters of fraudulent tax schemes involving donations of ownership interests in closely held businesses, sometimes marketed as “Charitable LLCs.” These promotions often target higher-income filers and are considered abusive transactions by the IRS. While taxpayers can properly deduct donations of closely held business interests, unscrupulous promoters sometimes lureRead more about Beware of Fraudulent “Charitable LLC” Schemes[…]

Low- and moderate-income taxpayers can save for retirement now and possibly earn a tax credit in 2025 and future years thanks to the Retirement Savings Contributions Credit, also known as the Saver’s Credit. This credit can help offset a portion of the first $2,000 ($4,000 if married filing jointly) you voluntarily contribute to Individual RetirementRead more about Save for Retirement Now, Get a Tax Credit Later[…]

The IRS has announced a change to the requirements that third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, have regarding reporting transactions during calendar years 2024 and 2025 on Form 1099-K. Under the issued guidance, TPSOs will be required to report transactions when the amount of total payments for those transactionsRead more about Form 1099-K Threshold Set to $5,000 for 2024[…]