The Hidden Benefits of Filing a Gift Tax Return
The givers of gifts (donors), not the recipients (donees), file gift tax returns. If you give money or property, you may be legally required to file a gift tax return with the IRS—even if you owe no gift tax. In fact, most people who file gift tax returns do not pay any gift tax because […]
2025 Last-Minute Year-End Tax Strategies for Your Stock Portfolio
When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2025 income taxes. The tax code contains the basic rules for this game, and once you know the rules, you can apply the correct strategies. Here’s the gist: Avoid the […]
OBBBA Revives Your Ability to Kill Capital Gains with QOFs
Since 2018, taxpayers have enjoyed significant tax benefits by investing capital gains in Qualified Opportunity Funds (QOFs). QOFs channel money into Qualified Opportunity Zones (QOZs)—government-designated low-income census tracts. Investors have embraced the program, pouring in more than $160 billion. The program was set to expire in 2026. However, the One Big Beautiful Bill Act (OBBBA) […]
Beat the OBBBA/TCJA Rules That Punish Dog Breeding Hobbies
Are you involved in a dog breeding business or considering starting one? If so, you are in the IRS’s crosshairs. The IRS has long considered dog breeding to be an activity typically classified as a hobby, rather than a business, for tax purposes. When it comes to taxes, hobbies are usually tax disasters. Unlike a […]
What Most People Get Wrong About Taxes — And What to Do Instead
Most people misunderstand taxes in ways that can cost them significantly. Here are common misconceptions and what you should do instead to optimize your tax outcomes. What Most People Get Wrong About Taxes Tax Planning Is Only for the Wealthy or Big Businesses Many small business owners and freelancers believe tax planning doesn’t apply to […]
Vehicle Used for Business Can Produce a Big Surprise Deduction
If you’ve used your personal vehicle for business—whether you’re a sole proprietor or you received mileage reimbursement from your S or C corporation—there may be a valuable tax deduction waiting for you. When you use the IRS standard mileage rate (or when your corporation uses it to reimburse you), the mileage rate is not just […]
Avoid These 7 Costly Mistakes People Make Without a Financial & Tax Check-Up
Financial health isn’t just about how much you earn—it’s about how well you manage, protect, and grow what you have. Yet, many individuals and business owners unknowingly make expensive mistakes simply because they skip regular financial and tax check-ups. With 20 plus years of experience, I’ve seen firsthand how small oversights can lead to major […]
Everything You Need To Know About Employer-Issued Incentive Stock Options
Stock options are one of the most enticing reasons to join an early-stage startup or other growing business. You’re almost certainly familiar with the tales of Silicon Valley employees who “got in early” at startups that went on to incredible valuations and, eventually, extremely lucrative IPOs. Many people jump at the chance to take a […]
Tax Deadline Delayed Until May 17 — Should I Wait or File Now?
It’s true what they say, that nothing is for sure but death and taxes. However, this year we get a little reprieve from the latter. Due to the global COVID-19 pandemic, the IRS has extended the tax filing deadline from April 15 to May 17, giving filers an additional month to get their financial affairs in order. While the procrastinators […]
How To File Taxes: An Ultimate Guide To Filing Taxes In 2021
The big news this tax season is that the deadline for filing has been pushed back from April 15th to May 17th. This decision was made in light of the ongoing coronavirus pandemic, and it gives taxpayers a little more time to file their taxes. That said, it never hurts to start preparing a little early. […]
The Most Common Tax Forms For Small Business Owners
2020 was a very different year for most of us—so much so that the IRS has officially pushed back the deadline for filing your 2020 taxes from the traditional April 15th to May 17th. However, some things, like the forms business owners need to file their taxes, haven’t changed. If you’re doing basic accounting for a small […]