What's the standard mileage business rate?
Standard mileage business rate for 2025 is 70 cents, The medical Milage rate is 21 cents, while the charity mileage rate is 14 cents.
Business Structures: LLCs, PCs and More
Business Structures: LLCs, PCs and More
Difference between a review and audit?
What is the difference between a compilation, review, and audit?
How to know it's the IRS
How do you know if you are contacted by the IRS or its fraud...
Tax Planning Strategies
What are some tax planning strategies?
- Reduce Taxable Income:
- Put money in tax-advataged accounts such as 401(k)s, IRA's and HSA's
- Tax-efficient investments like municipal bonds
- Manage Capital Gains
- Utilize tax-loss harvesting to offset capital gains with losses.
- Hold investments for more than one year to qualify for lower long-term capital gains tax rates.
- Maximize Deductions and Credits:
- Keep accurate records of deductible expesnes and credit opportunites
- Consider "bunching" itemized deductions to exceed the standard deduction threshold in certain years.
- Defer or Accelerate Income:
- Consider the impact of income fluctuations on your tax bracket and adjust accordingly.
Tax Deductions Vs. Credits
What is the difference between tax deductions vs. tax credits?
- Deductions:
- Deductions reduce your taxable income, lowering your overall tax liability.
- Common deductions include the standard deduction, itemized deductions (such as medical expenses, charitable donations, and state and local taxes), and deductions for retirement contributions.
- Credits:
- Credits offer a dollar-for-dollar reduction of your tax due.
- Common credits include the Earned Income Tax Credit (EITC), Child Tax Credit, and education credits.
What should I know about the for W-4?
Form W-4 for employee withholding has been redesigned. There are new options to help calculate adjustments, but they are optional. It can be used with the calculator provided by the IRS to improve accuracy. Click the link below for some FAQs.