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What you need to know about filing an extension — and minimizing penalties
If you’re not ready to file, requesting an extension and paying any tax due by April 15 can help you avoid penalties and interest.
Don’t miss your opportunity to make a 2025 IRA contribution
Making a 2025 IRA contribution can provide tax savings today or when you take your IRA distributions in retirement.
April 15 is the deadline for more than just your income tax return
Depending on your situation, you may have more to do by April 15 than file your Form 1040. Don’t miss these other important deadlines.
If you’re married, should you file jointly or separately?
Married couples have a choice when filing their 2025 federal income tax returns. They can file jointly or separately.
Options for forfeited employee FSA balances
If your employees have unused 2025 FSA balances, these funds may revert back to your business. See what IRS allows you to do with the funds.
When medical expenses are — and aren’t — tax deductible
Now is a good time to review your medical expenses for 2025 and see if you had enough so you can claim the medical expense deduction.
Parents: Claim all the tax credits you’re entitled to
Child, dependent, adoption and education tax credits can provide significant tax savings, but the rules are complex.
Higher SALT deduction limit means more taxpayers will itemize
If you have high state and local taxes (SALT) but have been claiming the standard deduction in recent years, it’s time to revisit itemizing.
Make sure you can substantiate your 2025 charitable donations
Charitable donations can be a powerful tax saver for anyone who itemizes deductions. But you must obtain proper substantiation.
How the new Trump Account for children will work
If you have a child born in 2025 through 2028, you might want to set up a Trump Account to receive a free $1,000 government contribution.
There’s still time to set up a SEP and reduce your 2025 taxes
A SEP retirement plan is easy to establish and a powerful retroactive tax planning tool for business owners and the self-employed.
Tax Filing FAQs for individual income tax returns
The IRS is opening the filing season for 2025 individual income tax returns on January 26. Here are answers to some tax filing FAQs to help.
Read something interesting? Want more information? Give us a call, and we will be happy to assist you in any way we can.
Washington, NC 27889
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