Income Tax February 10, 2025
IRS Income Tax Refund Schedule for 2025
This chart can help you estimate when you should get your 2025 income tax return, based on when you file and a few other easy factors.
Small Business February 7, 2025
Tax Court Sides with IRS: Businesses Need to Prove Their Expense Deductions
If you’re a self-employed individual, you can deduct your “ordinary and necessary” business expenses, just like the corporate giants do. However, you’re also held to the same strict substantiation rules.
Taxes February 7, 2025
2025 IRS Income Tax Refund Schedule – Estimate When You’ll Get Your Refund
If you found this article, you're probably expecting a refund and are starting to think about doing your taxes or going to a tax pro, or perhaps you just filed, and are curious how long you need to wait for that $$$.
State and Local Taxes February 6, 2025
Trump Considers Ending Carried Interest, Expanding SALT Deduction
President Donald Trump outlined his tax priorities in a meeting with Republican lawmakers, including a call to end the carried interest tax break used by private equity fund managers and expand the state and local tax deduction.
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Taxes February 6, 2025
AICPA Requests Changes to Tax Forms to Show Disaster-Impacted Returns
The American Institute of CPAs requested that the IRS incorporate a checkbox and Federal Emergency Management Agency (FEMA) disaster number space into various tax returns.
Taxes February 6, 2025
Cap on State and Local Tax Deductions Resulted in Higher Taxes, Says Survey of CPAs
The survey was created to gauge the impact of the $10,000 cap on SALT deductions imposed by the Tax Cuts and Jobs Act (TCJA) in 2017. The cap is due to expire this year.
Taxes February 5, 2025
So, You Received a 1099-K. Now What?
The IRS initially planned to lower the reporting threshold to $600, but implementation has been delayed. For the 2024 tax year, the threshold is $5,000, though reductions are expected in 2025 and 2026.
Taxes February 3, 2025
Tax Identity Theft Victims’ Wait Times Are Slowly Getting Shorter, Taxpayer Advocate Says
The IRS is slowly cutting the time it takes to assist taxpayers who have been victims of tax-related identity theft, National Taxpayer Advocate Erin Collins said last week.
Taxes February 3, 2025
Top 10 Biggest Income Tax Credits and Deductions for 2025
Tax credits are usually a direct subtraction of what you owe, and can sometimes come back to you in your refund. A tax deduction generally reduces what your taxable income is. In this article, we're looking at the Top 10 tax credits and deductions, if you qualify!
Small Business February 3, 2025
Taxes for Gig Workers: Survey Shows Many Are Unprepared for Lower 1099-K Reporting Threshold
More than 20% of respondents plan to pay a tax professional for the first time as a result of 1099-K reporting changes and complexity.
Taxes February 3, 2025
The Biggest Tax Credit Many People Miss: The EITC
One in five eligible taxpayers don’t claim this credit worth up to $7,830.
Firm Management January 24, 2025
Prepping for Busy Season When the Time to Prepare Has Run Out: A 5-Step Action Plan
If you move quickly now, there is still much you can do to make sure your team has the resources and mindset to tackle this intense work period with gusto and help your CPA firm deliver high-quality service to clients.