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After four years of work, the IRS has finalized its cryptocurrency regulations, and crypto tax reporting now begins. Starting with the 2025 tax year, custodial crypto platforms must report taxable crypto transactions directly to the IRS. “Digital asset brokers” must handle this reporting when they take custody of the...

The purpose of this letter is to reveal how you can get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less...

The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are five things to consider. 1. Establish Your 2025 Retirement Plan First, a question: Do you have your (or...

Here’s an easy question: Do you need more 2025 tax deductions? If the answer is yes, continue reading.  Next easy question: Do you need a replacement business vehicle?  If so, you can simultaneously solve or mitigate the first problem (needing more deductions) and the second problem (needing a replacement...

2025 has been an excellent year for investors in cryptocurrency, with Bitcoin reaching all-time highs. With high profits, however, can come high taxes. Fortunately, there are several strategies you can employ before year-end to reduce your 2025 crypto taxes. If you invested only in Bitcoin, you may not have...

Wow, how time flies! Yes, December 31 is just around the corner.  That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2025 taxes. But don’t wait. Get on this now! Take Back Your...

When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2025 income taxes.  The tax code contains the basic rules for this game, and once you know the rules, you can apply the correct...

All small-business owners with one to 49 employees should have a medical plan for their business. Sure, it’s true that with 49 or fewer employees, the tax law does not require you to have a plan, but you should. When you have 49 or fewer employees, most medical plan...

Are you thinking of getting married or divorced? If so, consider December 31, 2025, in your tax planning.  Here’s another planning question: Do you give money to family or friends (other than your children who are subject to the kiddie tax)? If so, you need to consider the zero-tax...

Here’s an important tax planning strategy that can save you thousands in penalties if you’ve missed estimated tax payments for 2025. The Penalty Problem When you don’t make your 2025 estimated tax payments on time, the IRS charges a non-deductible 7 percent penalty that compounds daily. Because penalties are...

Are you involved in a dog breeding business or considering starting one? If so, you are in the IRS’s crosshairs. The IRS has long considered dog breeding to be an activity typically classified as a hobby, rather than a business, for tax purposes. When it comes to taxes, hobbies...

Since 2018, taxpayers have enjoyed significant tax benefits by investing capital gains in Qualified Opportunity Funds (QOFs). QOFs channel money into Qualified Opportunity Zones (QOZs)—government-designated low-income census tracts. Investors have embraced the program, pouring in more than $160 billion. The program was set to expire in 2026. However, the...