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The Basics of the Homestead Exemption
If you're a homeowner, you may have heard the term "homestead exemption" mentioned in relation to your property taxes or legal protections. But what exactly is a homestead exemption, and how does it benefit you as a homeowner? Let’s dive into the details and explore...
A Short Guide to Interest Income: Taxable versus Tax-Exempt Interest
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...
An Interview with Our New Firm Partner, Richard Lenderman, EA
Richard Lenderman, EA has over 14 years of individual and small business tax planning experience, and in 2025 he was promoted to firm partner of LittleOwl CPA. We wanted to ask him his thoughts on the future, his accounting experience, what he's most looking forward...
Tax Inflation Adjustments
The tax year 2024 adjustments apply to income tax returns filed in 2025. Revenue Procedure 2023-34 provides detailed information about these annual adjustments. The main highlights and most important changes changes are listed below. The Standard Deduction The...
A Quick Guide to the New Digital Asset Tax Reporting Requirements
There are new upcoming digital asset tax regulations in 2025 that all investors dealing in things like bitcoin or Doge should be aware of. In December 2024, the US Treasury announced that brokers (specifically decentralized finance or DeFi brokers) will be responsible...
Which Tax Cuts are Due to Expire After 2025?
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,...