Category: Tax Insights

IRS Tax Tip 2025-70, Dec. 9, 2025 The new year is less than a month away which means the 2026 tax filing season is drawing near. The IRS encourages taxpayers to “Get Ready” and start preparing now. Taking a few steps today can save time and help taxpayers ensure they’re filing accurate returns in the…

PLANNING FOR RETIREMENT IRS Tax Tip 2025-62, Sept. 16, 2025 Planning for retirement may seem daunting, but it’s important to start early. Individual retirement accounts provide tax incentives for people to make investments towards their financial future. IRAs let earnings grow tax deferred. Individuals pay taxes on investment gains only when they make withdrawals. Depositors…

SENIOR DEDUCTIONS Overview of the deduction Who qualifies How to claim the deduction

BUSINESS OR HOBBY? IRS Tax Tip 2025-42, June 24, 2025 Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation. Either way, if they are paid through payment apps for goods and…

YEAR-ROUND TAX PLANNING IRS Tax Tip 2025-38, June 11, 2025 Here are some simple things taxpayers can do throughout the year to make next filing season less stressful. Organize tax records. Create a system that keeps all important information together. Taxpayers can use a software program for electronic recordkeeping or store paper documents in clearly…

What taxpayers should do if they get mail from the IRS IRS Tax Tip 2025-33, May 27, 2025 IRS sends notices and letters when it needs to ask a question about a taxpayer’s federal tax return, let them know about a change to their account or request a payment. Don’t panic if mail comes from…

IRS Tax Tip 2025-29, May 5, 2025 Tax returns for 2024 were due on April 15, 2025, with exceptions for taxpayers in a disaster area, combat zone or living and working abroad. Taxpayers who couldn’t pay their tax bill by the deadline shouldn’t panic – the IRS is here to help. There are several options…

Proper tax withholding now is key to avoiding surprises when taxpayers file next year. Making any needed adjustments early means taxpayers won’t have to make a big change later in the year to catch up.The IRS Tax Withholding Estimator is a free online tool that helps workers, independent contractors and retirees determine if they have…

IRS announces tax relief for victims of Hurricane Helene in North Carolina; various deadlines postponed to May 1, 2025  NC-2024-08, Oct. 1, 2024 WASHINGTON — The Internal Revenue Service announced today tax relief for individuals and businesses in the entire state of North Carolina that were affected by Hurricane Helene that began on Sept. 25,…

BOI REPORTING NOT REQUIRED FOR DOMESTIC ENTITIES AND OWNERS 1. Summary. All entities created in the United States and their U.S. beneficial owners are no longer required to file Beneficial Ownership Information (BOI) reports. Existing foreign companies have at least 30 days from March 21 to file.  2. Background. The Financial Crimes Enforcement Network (FinCEN)…