ARTICLES

Claiming business deductions? The IRS is watching closely. A recent Tax Court case shows how poor documentation can lead to denied write-offs for meals, supplies, home office use, and more. Read further to learn what went wrong and how to protect your deductions with the right records and practices.

Have you received a legal settlement or expect one soon? Not all lawsuit awards are tax-free and misunderstanding how the IRS treats different types of damages could cost you. From back pay and punitive damages to physical injury claims, knowing what’s taxable is essential. We break down the key tax rules and explain why professional guidance can make a meaningful difference.

When someone passes away, most capital assets — like stocks, real estate, and crypto — are adjusted to their fair market value as of the date of death, resetting their tax basis. In some cases, the estate can use a valuation from six months later if it lowers estate taxes. Need help? We’re here to guide you through these rules and create a strategy that works for you.

Bookkeeping is essential for small business owners to maintain financial clarity, manage cash flow, and ensure tax compliance. It provides the foundation for informed decision-making, better business planning, and detecting financial discrepancies early. Learn more about how good bookkeeping practices can set your business up for long-term success.

If you sell a stock or mutual fund at a loss and buy a substantially identical one within 30 days, the wash sale rule applies. This rule disallows the loss for tax purposes, deferring it by adding it to the cost basis of the new shares. Proper timing is key to successfully harvesting tax-saving capital losses. Learn more.

Hiring your child to work in your small business can offer valuable tax benefits while teaching them responsibility and providing income. Learn how.

Payroll tax compliance is a critical responsibility for small businesses. Even minor errors can result in costly penalties, damage employee trust, and create legal issues. To help you avoid common pitfalls, here are six essential tips to keep your payroll on track.

Have you Experienced Rental Property Loss? As a rental property owner, there are several strategies and exceptions that can help you deduct losses from your tax returns. Learn how.

Large business or rental losses in 2025 may be limited by IRS rules, including the Excess Business Loss cap of $313,000 (or $626,000 for joint filers). Understanding these limits is key to effective tax planning.

To file as Head of Household, you must be unmarried, support a qualifying dependent, and pay over half the cost of maintaining the home. A parent can qualify even if they don’t live with you. Learn More.

Learn which tax documents to keep, how long to retain them, and what you can safely shred after filing your return.

Thinking of lending money to a friend or family member? Learn how to properly structure a personal loan to avoid tax issues, including the importance of a written agreement, using the right interest rate (AFR), and potential tax deductions.

You can deduct capital losses to offset gains and reduce up to $3,000 of ordinary income each year. Losses beyond that can be carried forward. Be aware of the wash sale rule and special rules for claiming losses on worthless stocks.

TCJA limits business interest deductions to 30% of ATI. Manage the deduction limit with 3 options. Read more.

Self-employment tax is 15.3%, paid quarterly. Learn what to expect & consult a VAAS Tax Professional to manage taxes.

TCJA limits vehicle deductions however, self-employed CAN claim work miles, while others can only claim medical, charity, & military moves.