by Laxmi Patel | Feb 12, 2025 | Individual Tax
Many taxpayers may not realize that they need to pay taxes on the interest they accrue on loans, bonds, savings accounts, and more. To the government, almost all income is taxable income, but interest income is easy to forget or ignore. In short, if you’ve made money...
by Laxmi Patel | Jan 8, 2025 | Individual Tax, Small Business, Tax Planning
The Tax Cuts and Jobs Act (TCJA) of 2017 aimed to stimulate economic growth. Key provisions from the TCJA are set to expire on December 31, 2025 that will impact individuals. These provisions include capped deductions for state and local taxes (SALT) at $10,000,...
by Laxmi Patel | Jul 17, 2024 | Family, Individual Tax, Tax Planning
Navigating the complex rules surrounding retirement accounts can be challenging when it comes to accessing funds before the age of 59½ without incurring penalties. Rule 72(t) of the Internal Revenue Code offers a potential solution for those who need to make early...
by Laxmi Patel | Jun 26, 2024 | Accounting, Small Business
The Qualified Business Income (QBI) deduction, otherwise known as Section 199A, was introduced under the Tax Cuts and Jobs Act of 2017. This deduction allows owners of pass-through entities to claim a deduction of up 20% of qualified business income. Criteria for the...
