Tax Planning

Estimated tax payments play a critical role in helping taxpayers meet their annual tax obligations. For many individuals, including the self-employed, retirees, and investors, these quarterly payments are the primary way to stay compliant with tax requirements. With the final 2024 payment deadline approaching, now is the time to ensure you’re prepared and avoid potential […]

Qualified Charitable Distributions (QCDs) are a powerful tax planning tool for individuals who wish to support charitable organizations while managing their tax obligations. For those with required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs), QCDs can help reduce taxable income and provide a way to make meaningful contributions to qualified charities. This article explains […]

The IRS mileage rates for 2025 have been announced, and these updates are crucial for taxpayers and businesses that rely on mileage deductions. Whether you’re using your vehicle for business, medical purposes, charitable activities, or moving expenses, understanding the latest rates can help you maximize your deductions and stay compliant with tax laws.  What Are […]

The Foreign Earned Income Exclusion (FEIE) is a provision in the U.S. tax code that allows eligible taxpayers to exclude a portion of their income earned abroad from U.S. taxation. This exclusion is particularly beneficial for Americans working and living overseas, as it helps reduce the potential burden of double taxation. Below, we explore how […]

With 2025 on the horizon, taxpayers are beginning to plan for how they will file their returns. The IRS updates tax brackets and standard deductions annually to account for inflation and legislative changes. This will affect how much individuals and families owe. Let’s examine the newly announced 2025 tax brackets and standard deductions, as well […]

The IRS will enforce new reporting thresholds for 1099-K forms starting in 2025. The changes will impact gig workers, freelancers, and small business owners, particularly those operating in the gig economy or e-commerce. Understanding these updates and planning accordingly can help avoid surprises come tax season. Let’s break down what’s changing with the 1099-K thresholds, […]