Tax Advice

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Estimated Taxes: Pay as You Go

Estimated tax payments can be a confusing aspect of managing personal or business finances, but they’re a crucial part of staying compliant with tax regulations and avoiding penalties. Here’s a concise overview to help you manage estimated tax payments effectively. What are Estimated Tax Payments? Estimated tax payments are periodic…

June 17, 2024

Distributions From Inherited IRAs

In the world of finance, the 10-year rule on inherited IRAs has become a significant point of discussion, particularly for those planning their estates or beneficiaries inheriting retirement accounts. An inherited IRA is a retirement account that a beneficiary receives after the original owner’s passing. Traditionally, beneficiaries had the option…

June 17, 2024

The Pitfalls of Using AI to Prepare Taxes

As technology continues to advance at a rapid pace, artificial intelligence (AI) has become an increasingly popular tool in various industries, including finance and accounting. In a February 2024 survey, approximately 20% of Americans used AI software to review their tax returns. While AI software offers benefits like speed and…

June 17, 2024

Gift Tax – How it Works and Who Pays

We often get questions from our clients about gifting and the potential tax implications. A gift of money or property is not deductible on your personal income tax return nor does the recipient report the gift as income on his or her tax return. However, gifts may be subject to…

March 26, 2024

Top 10 Tax Questions

10. I contributed money to my kids’ 529 education plans. What is the deduction for that? A: Federally, none. The money grows tax free and comes out tax free as long as it’s used for qualified educational expenses. In certain states with a state income tax, there are possible deductions…

January 22, 2024

A Closer Look at Recent Bipartisan Tax Legislation

Below are the latest developments from the tax landscape, and this time, it’s a bipartisan effort led by the House Ways and Means Committee and Senate Finance Committee. Let’s dive into the key highlights:Key Provisions: Full Expensing of Domestic Research Costs: Extended until 2026, including the current and upcoming tax…

January 18, 2024