The IRS Office of Appeals is designed to resolve tax disputes without going to court. It operates independently from the audit and collection functions, which helps ensure an impartial review. A successful appeal can reduce or eliminate taxes and penalties, but only if your position is grounded in tax law and supported by facts. When […]

Choosing the right recordkeeping system matters because you need a clear summary of every transaction your business makes. Most small-business owners keep this information in accounting journals and ledgers that reflect gross income along with any deductions and credits. In many cases, the business checking account becomes the primary source for these entries, which makes […]

According to the American Community Survey by the U.S. Census Bureau, the median monthly ownership costs for U.S. homeowners with mortgages stood at $2,035 in 2024. That figure is up nearly 7% from 2023 and represents a 26% increase from 2019. The Census Bureau reported that in 2019, U.S. mortgage holders paid a median monthly […]

Trump Accounts are tax-advantaged investment accounts designed for U.S. citizens under the age of 18 who have a Social Security number. Launching July 4, the program will provide $1,000 to every American child born between Jan. 1, 2025, and Dec. 31, 2028. An authorized individual — prioritized in order as a legal guardian, a parent, […]

At its core, the federal R&D tax credit, enacted in 1981 to stimulate innovation and business investment, provides dollar-for-dollar savings tied to qualified research activities. It is now complemented by similar tax credits in many states and, together, federal and state credits can amount to as much as 20% of the costs incurred in developing […]

Each year, parents can claim a child tax credit for each of their children who is under 17. This is a valuable credit, worth up to $2,200 for each child 16 years old or younger for the 2025 tax year. If you have a 15-year-old and a 10-year-old, then you could claim a combined tax […]

For most individuals, the federal income tax return is due April 15. If that date falls on a weekend or holiday, the deadline moves to the next business day. Businesses have different deadlines based on their formal structure. If you need more time to file, you can request an automatic extension by submitting Form 4868 […]

Maintaining accurate payroll records is essential for more than just compliance with labor and tax regulations. Good records provide a clear picture of earnings and deductions, strengthen budget planning and build trust with employees. They serve as evidence in the event of an audit, help identify irregularities before they become problems, and reduce the risk […]

The first step in preparing for a possible audit is understanding the model your childcare business follows. While each model may be taxed differently, all are subject to IRS oversight when it comes to reporting income and expenses. Some caregivers offer “kith and kin” care — watching a few children, sometimes alongside their own, in […]

All businesses have tax filing and compliance obligations, but whether any tax is owed — and which taxes apply — varies by business type and activity. For federal tax purposes, common categories include income tax, estimated tax, self-employment tax, employment tax and excise tax, though not all apply to every business. Most businesses must file […]