Many business owners overlook a powerful strategy that allows them to pay family members, reduce taxes, and avoid payroll taxes altogether. You likely know the traditional approach: hire your child and put them on payroll. That strategy works well for younger children...
Tax-Saving Tips 1. Brutal IRS Trap Wipes Out Goodwill Clothing Deductions If you donate clothing or household goods to charity, there’s an IRS trap you need to know about. In a recent Tax Court case, a taxpayer lost a $6,760 charitable deduction—not because the...
Tax-Saving Tips USPS’s New Postmark Rules Set an Ugly Trap for Taxpayers For decades, taxpayers trusted a simple rule: If you mailed a tax return or payment by the deadline, the IRS treated it as timely filed. Recent U.S. Postal Service (USPS) practices have changed...
Should You Skip Home-Office Depreciation to Dodge Recapture? Many taxpayers panic when they hear the term “depreciation recapture” and decide to skip depreciation on a home office to avoid future tax. That strategy usually backfires. The tax law creates unexpected...
Form 1099-DA Is Here—How It Will Impact Your Crypto Taxes After four years of work, the IRS has finalized its cryptocurrency regulations, and crypto tax reporting now begins. Starting with the 2025 tax year, custodial crypto platforms must report taxable crypto...
