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Financial Relief for Families: The Benefits of the Child Tax Credit
The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or you’ve benefited from it for years, it’s crucial to stay current on its rules and potential changes. As we approach the expiration of certain provisions within the Tax Cuts and [...]
Questions About Taxes and Tips? Here Are Some Answers for Employers
Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels and salons. Compliance with federal and state tax regulations is vital if your business has employees who receive tips. Are tips becoming tax-free? During the campaign, President Trump promised to end taxes on [...]
Do Your Salespeople Come By Their Commissions Honestly?
Preventing financial losses from occupational fraud requires your company to remain vigilant. In a nutshell: Trust employees, but routinely verify they aren’t stealing. This includes salespeople who, if they’re unethical, could falsify sales commission records to illicitly line their own pockets. Because it’s sometimes impossible to spot crooks in your midst, be aware of potential [...]
Taming the Tax Tangle if You’re Retiring Soon
Retirement is often viewed as an opportunity to travel, spend time with family or simply enjoy the fruits of a long career. Yet the transition may bring a tangle of tax considerations. Planning carefully can help you minimize tax bills. Below are four steps to take if you’re approaching retirement, along with the tax implications. [...]
Goodwill Matters: A Practical Approach to Valuing a Business for Divorce
The multi-attribute utility model (MUM) provides a systematic technique for making complex decisions. One innovative way business valuation experts may use this framework is to break down goodwill in divorce cases. Here’s a look at how this approach can help courts better understand experts’ analyses and conclusions regarding goodwill allocations. What is goodwill? Goodwill in [...]
Many Business Tax Limits Have Increased in 2025
A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as great as they have been in the last few years. Here are some amounts that may affect you and your business. . 2025 deductions as compared with 2024 [...]
Looking Ahead to 2025 Tax Limits as you Prepare to File Your 2024 Return
Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is due to be filed by April 15 (unless you file for an extension). However, it’s a good time to familiarize yourself with tax amounts that may [...]
Protecting Your Business from Deepfake Deception
Deepfakes — digital forgeries produced by artificial intelligence (AI) — have blurred the line between reality and illusion. On the upside, AI-generated deepfakes have revolutionized special effects in motion pictures and made certain education and health care industry processes more effective. Yet there are also plenty of risks associated with deepfakes. Current threats Deepfakes purporting [...]
Early Bird Tips: Answering Your Tax Season Questions
The IRS announced that 2025 filing season for individual income tax returns started on January 27. That’s when the agency began accepting and processing 2024 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), you may want to file earlier this year. [...]
Unlocking Business Value with Face-to-Face Insights
To determine how much a business is worth, a valuation professional must develop a comprehensive understanding of how it runs. Financial statements and tax returns tell only part of the story. In-person inquiries provide additional insights that can significantly impact value conclusions. Owner and manager interviews If a valuator hasn’t previously toured a company’s facilities, [...]
The Standard Business Mileage Rate Increased in 2025
The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also gone up. The IRS recently announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup [...]
Do You Have Questions About Taking IRA Withdrawals? We’ve Got Answers
Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA, SIMPLE IRA and SEP IRA. Since funds can’t stay in these accounts indefinitely, it’s important to understand the rules behind RMDs, which can be pretty complex. Below, we address some common [...]
Small Business Strategy: A Heavy Vehicle Plus a Home Office Equals Tax Savings
New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use the vehicle more than 50% for business. If your business usage is between 51% and 99%, you may be able to deduct that percentage of the cost in [...]
Watch Out for Predatory Lenders
Whether you’re an entrepreneur seeking start-up funds or the owner of an established business that needs capital to make an acquisition or develop new product lines, be careful when looking for a lender. To avoid fraudsters and potentially dire consequences, you need to take your time and carefully screen anyone eager to lend you money. [...]
Treasury Announces Suspension of BOI Reporting
As posted to US Department of Treasury website on 3/2/25 The Treasury Department announced on 3/2/25 that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties [...]
Disclaimer
This blog is designed to provide competent and reliable information regarding the subject matter covered. However, it is being provided with the understanding that the blogmaster is not engaged in rendering investment advice. Laws and practices often vary from state to state and if investment assistance is required, the services of a licensed investment professional should be sought. The blogmaster resolutely encourages the reader/viewer to do their own research and due diligence before acting on any information contained herein. As such, Roger Rossmeisl specifically disclaims any liability that is incurred from the use or application of the contents of this blog. It should also be noted that the views contained in this blog are not necessarily representative of the opinions/beliefs of the other owners, management and/or employees of Kho & Patel CPAs.
