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Standard deductions and limits on the alternative minimum tax, earned income tax credit, and HSA contributions are among changes that will affect filings in 2025.
Special per diem rates designed to simplify business expense reporting went into effect October 1 for the upcoming fiscal year. But the new rules come with a variety of restrictions and caveats.
Does your employer offer a 401(k) plan, but you haven’t started participating? Here are the basic features of these plans to illustrate why you should strongly consider it.
Finding nursing home care for an elderly parent can be stressful and emotional even before finances come into the picture. But when that time comes, it might help to remember a few tax breaks that can help ease the financial strain.
The earnings cutoff to determine who pays Social Security tax will expand by more than $8,000 next year.
New guidance will require that a joint venture must initially measure its assets and liabilities at fair value on the formation date.
It’s common practice to deduct business expenses on tax returns. But to be deductible, expenses must be ordinary, necessary, and reasonable. Here are the rules.
Higher-income taxpayers can face the additional net investment income tax if gross income totals reach certain six-figure levels. It’s important to know how the tax is calculated and planning strategies that can soften the tax hit.
Identifying related parties is just one of many parts that go into preparing financial statements. Here’s why they matter, why auditors give them scrutiny, and how to avoid the risks that often accompany them.
Reach out to any member of our tax services team for answers to your questions about tax compliance and consulting issues.
"We saved one client $700,000 using R&D credits — credits that the company’s previous CPA told them they were not eligble to claim. We stay on top of the latest tax laws to help clients reduce their taxes.”
Mark Patterson, KraftCPAs Tax Services
