Estate planning is a critical part of preparing for the future. No matter your age or financial situation, having the right documents in place ensures that your wishes are honored, and your loved ones are cared for when you’re no longer around. At its core, an estate plan includes several key documents: wills, trusts, powers of attorney (POAs), and living wills. Let’s break down each of these essential components.

The IRS has announced its annual inflation adjustments for the 2025 tax year, which will impact the taxes you will file in 2026. These updates, outlined in Revenue Procedure 2024-40, cover more than sixty tax provisions. Below are key changes you should be aware of.

As September brings peak hurricane season and heightened wildfire risks, the IRS urges taxpayers to create or update their emergency preparedness plans for 2024. National Preparedness Month is the perfect time to ensure you are equipped to handle potential disasters by safeguarding key documents, documenting your assets, and knowing how to access critical information in an emergency.

Why You Should Revisit Your Tax Withholdings 

As the summer draws to a close, the IRS is encouraging taxpayers to take a proactive step: review your tax withholdings or payments now to avoid surprises during next year’s tax season. It is easy to put off thinking about taxes, but making necessary adjustments now can save you from stress—and potential penalties later. 

Working from home has become increasingly common, and with it, the need to understand the tax implications of using your home for business purposes. This guide will help you navigate the requirements and benefits of claiming home office deductions.

Qualifying for Home Office Deductions

To take a business deduction for home office expenses, your home must be used under one of the following scenarios:

Managing the financial health of your business requires a solid grasp of key financial reports that provide crucial insights into your company’s performance, profitability, and overall financial stability. Let’s explore in detail three fundamental financial reports every business should prioritize:

Small business owners are often characterized by their passion, drive, and willingness to take risks. They work tirelessly to bring their innovative ideas to life, aiming to fill niches or serve customers in unique ways. However, no matter how brilliant the idea or how dedicated the entrepreneur, neglecting critical details like cash flow management can lead to significant issues.

Owning a home can be a significant financial commitment, whether you're a current homeowner or planning to buy a home. Fortunately, there are tax benefits available through the IRS that can help you save money and offset some of the costs associated with homeownership. Let’s break down various tax deductions, programs, and housing allowances that homeowners should review to see if they are eligible.

Are you pursuing higher education, job training, or graduate studies? If so, you might be eligible for valuable tax credits to help offset the costs.

The IRS offers two main education tax credits: The American Opportunity Tax Credit and the Lifetime Learning Credit. These credits can also apply to your spouse or dependents' educational expenses.

But how do you know if you qualify for these tax credits?