by Stephanie Nolan | Oct 23, 2024 | Individual Tax, Tax Planning
When it comes to supporting a cause, understanding the difference between “sponsorships vs. charitable contributions” is essential, especially when considering the tax implications. While both sponsorships and donations can provide valuable support to...
by Stephanie Nolan | Oct 9, 2024 | Family, Individual Tax
When inheriting an IRA, understanding the basics of inherited IRA rules is crucial for managing your tax liabilities and ensuring compliance with IRS regulations. The transfer of assets from the original owner to the beneficiary can be complex. We’ve summarized the...
by Stephanie Nolan | Aug 28, 2024 | Individual Tax, Infographic
Share this Image On Your SitePlease include attribution to LittleOwl CPA with this graphic. Transcript: 2024 Tax Season Document Checklist 1. Identification Social security numbers Bank account numbers Dates of birth Last year’s tax return 2. Income W-2 forms...
by Stephanie Nolan | Aug 14, 2024 | Small Business, Tax Planning
Understanding the difference between a hobby and a business is crucial for tax purposes. While both can bring in income, the IRS distinguishes them based on your intent to make a profit. This blog will guide you through how the IRS makes this determination, what...
by Stephanie Nolan | Aug 5, 2024 | Family, Individual Tax
Graduating from college is a significant milestone, but it often comes with the daunting task of managing student loan debt. Understanding when to pay student loans, how to develop an effective repayment strategy, and what options are available can make this process...
