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Giving to Charity? New Tax Rules Apply
If charitable giving is part of your annual plan, several new tax rules from the One Big Beautiful Bill Act (OBBBA) may impact how much...

David Thomson, CPA
Aug 182 min read


New: Auto Loan Interest Deduction
On July 4th, President Trump signed a major new tax law: the One Big Beautiful Bill Act  (OBBBA). This new legislation builds upon the...

David Thomson, CPA
Aug 112 min read


The New SALT Deduction Cap
What You Need to Know The One Big Beautiful Bill Act (OBBBA)Â has introduced major changes to the long-debated State and Local Tax (SALT)...

David Thomson, CPA
Aug 43 min read


Tax Changes: Tips and Overtime Pay
On July 4th, President Trump signed a major new tax law: the One Big Beautiful Bill Act  (OBBBA). The new legislation builds upon the...

David Thomson, CPA
Jul 282 min read


Phase-Out of Green Energy Tax Credits
On July 4th, President Trump signed a major new tax law: the One Big Beautiful Bill Act  (OBBBA). The new legislation builds upon the...

David Thomson, CPA
Jul 212 min read


Tax Updates for Parents and Families
On July 4th, President Trump signed a major new tax law: the One Big Beautiful Bill Act  (OBBBA). This new legislation builds upon the...

David Thomson, CPA
Jul 145 min read


Tax Brackets and the Standard Deduction
On July 4th, President Trump signed a major new tax law: the One Big Beautiful Bill Act  (OBBBA). This new legislation builds upon the...

David Thomson, CPA
Jul 83 min read


Tax Credits vs. Tax Deductions
When tax season rolls around, two terms often cause confusion: Tax Credits vs Tax Deductions . They both reduce your tax bill, but they...

David Thomson, CPA
May 142 min read


The Tax Rules for Employee Awards
If you want to boost employees’ spirits without significant costs, an awards program is a low-cost fringe benefit, but some tax rules apply.

David Thomson, CPA
Oct 14, 20242 min read


Selling your Home? Consider the tax rules.
When it comes to selling your home, proactive tax planning can help you reduce your federal income tax bill. If you have a capital gain...

David Thomson, CPA
Sep 16, 20242 min read


Using an HSA as part of your Retirement Strategy
Health Savings Accounts (HSAs) are tax-advantaged savings vehicles for funding health care expenses not covered by insurance. And for...

David Thomson, CPA
Jul 29, 20242 min read


Renting to Family Members
As rents continue to rise in many areas, you may decide to help your financially challenged family members by renting a property to them...

David Thomson, CPA
Jul 15, 20242 min read


Sending the Kids to Day Camp May Bring a Tax Break
Among the many challenges of parenthood is childcare for kids when school lets out. Babysitters are one option, or you might consider...

David Thomson, CPA
Jun 17, 20242 min read


The Benefits of Hiring your Children
If you're a small-business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits.

David Thomson, CPA
May 14, 20242 min read


To Get an "Early" Refund, Adjust Your Withholding
If you received a large refund this year, you may want to adjust your withholding. Each year, millions of taxpayers claim an income tax...

David Thomson, CPA
May 6, 20242 min read


Is Your Business Closing? Consider Your Final Tax Responsibilities
Here are some final tax responsibilities to consider when closing down your business.

David Thomson, CPA
Apr 21, 20242 min read


The Importance of Compensation Structure for Business Owners
As a business owner of a C corporation, here are 4 steps to ensure your compensation is "reasonable" for IRS compliance purposes.

David Thomson, CPA
Apr 7, 20242 min read


How long should I retain my tax records?
Here’s what you need to know about keeping financial records involved in your tax returns.

David Thomson, CPA
Mar 31, 20243 min read


A Strategy to Raise Your Medical Expense Deduction
With a little planning, you may be able to boost your itemized medical expense deduction when you file your 2024 tax return next year....

David Thomson, CPA
Mar 18, 20241 min read


Received an Erroneous Tax Refund in Error
Mistakes happen. What if you receive a refund from the IRS that you’re not entitled to? Or what if you receive one that’s more than...

David Thomson, CPA
Mar 1, 20241 min read
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