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To Maximize — or Not To Maximize — Depreciation Deductions On Your 2025 Tax Return
The deadlines for filing 2025 tax returns (or extensions) are fast approaching. Although most tax planning moves must be completed by December 31 of the tax year, there are some decisions you can make when filing your return that can save taxes now or in the future. One such decision is
Does Your Estate Plan Include a Financial Power of Attorney?
Your estate planning goals likely revolve around your family, including both current and future generations. But don’t forget to take yourself into consideration. What if you become incapacitated and are unable to make financial decisions? A crucial component to include in your estate plan is a financial power of attorney
FAQs About CAMs
If you’ve ever skimmed the auditor’s report for a public company and noticed a section titled critical audit matters (CAMs), you may have wondered what it means and whether it’s relevant to you. CAMs highlight complex, high-judgment areas that drive audit inquiries and testing procedures. Even for private companies, understanding
When Should You Update Your Estate Plan?
Many people think of estate planning as a “one-and-done” task — something you complete and file away. But an estate plan should evolve as your life and finances and relevant laws change. An outdated plan can create confusion, unintended tax consequences or outcomes that no longer reflect your wishes. The
If You’re Married, Should You File Jointly or Separately?
Married couples have a choice when filing their 2025 federal income tax returns. They can file jointly or separately. What you choose will affect your standard deduction, eligibility for certain tax breaks, tax bracket and, ultimately, your tax liability. Which filing status is better for you depends on your specific
Some Small Businesses Can Still Benefit From The Health Care Coverage Credit
Tax credits reduce tax liability dollar-for-dollar. As a result, they can be more valuable than deductions, which reduce only the amount of income subject to tax. One tax credit that hasn’t been getting much attention lately but that can still be valuable for some small businesses is the credit for
Beware: Accounting Missteps Can Trip Up New Business
Launching a start-up comes with no shortage of big decisions and fast-moving priorities. In the rush to grow, financial fundamentals can sometimes take a back seat — often with costly consequences. Some common accounting missteps that new business owners should avoid include: Overlooking Day-to-Day Spending. Starting a new business is exciting,
Tax Filing Update For Pass-Through Entities
Do you operate a business as a partnership, a limited liability company (LLC) treated as a partnership for tax purposes or an S corporation? In tax lingo, these are called “pass-through” entities because their taxable income items, tax deductions and tax credits are passed through to their owners and taken into
Putting A Price On Donated Goods: What Nonprofits Need To Know
Nonprofits of all sizes often receive donations of tangible property, from clothing and household goods to artwork and equipment. But determining how to value those items isn’t always straightforward. Whether an organization is newly formed or well established, uncertainty around valuation can create challenges for accurate financial reporting and donor
Before Claiming a Charitable Deduction For 2025, Make Sure You Can Substantiate It
If you itemize deductions on your 2025 individual income tax return, you potentially can deduct donations to qualified charities you made last year. But your gifts must be substantiated in accordance with IRS requirements. Exactly what’s required depends on various factors. In some cases, you must have a written acknowledgment