The general business credit (GBC) may help certain small businesses cut their federal income tax obligations significantly. This is an "umbrella" credit that encompasses various business-related credits, which are far more valuable than tax deductions. While deductions reduce only your taxable income, tax credits directly offset your tax liability on a dollar-for-dollar basis.
The head of household (HOH) federal tax filing status is often misunderstood by taxpayers who might...
A couple's tax situation changes when they get married—for better or worse. Here are the most...
Employer stock options are a potentially valuable asset for recipient employees, especially those...
The following chart provides some important federal tax information for 2024, as compared with 2023:
The gift tax exclusion is among the most valuable tools available to transfer assets to family and...
Businesses and individuals concerned about the confusing 1099-K reporting requirements can breathe...
As year end approaches, small business owners should review their tax situations to determine ways...
Some taxpayers may be unaware of all the federal tax reporting requirements for cryptocurrency...
Is it time to close your small business? Unfortunately, closing isn't as simple as handing over the...