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Charities vs. Sponsorships: What’s Your Tax Plan for Giving?
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 organizations,...
Inherited IRA Rules: What Beneficiaries Need to Know
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...
Our Small Business Tax Credit Guide for 2024
Understanding and utilizing business tax credits is crucial for small business owners looking to optimize their tax strategy in 2024. These small business tax credits, ranging from green energy incentives to employer credits and state-specific opportunities, can...
2025 Tax Season Checklist
Social security numbers Bank account numbers Dates of birth Last year’s tax return W-2 forms IRA/Pension distributions (1099-R) Social Security benefits (SSA-1099) Contract work (1099-NEC) Interest income (1099-INT) Dividend Income (1099-DIV) Business income Rental...
Energy Tax Credit Guide
In an era of growing environmental consciousness, the Inflation Reduction Act of 2022 offers a suite of tax credits to make energy efficiency and renewable energy more accessible and financially attractive. This landmark legislation includes the Residential Clean...
Do I have a hobby or a business? Tax Differences, Hobby Income, Deductions, and the IRS
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...