Individual Retirement Accounts (IRAs) offer tax-advantaged ways to save for retirement, but not all IRAs provide the same tax benefits. One specific type of IRA that often confuses...
Posted by Pat Raskob on 09/22/2023
Think of tax deductions as small (and sometimes not so small) gifts from the IRS. First, its value is subtracted from taxable income, and then the tax bill is calculated based on what's...
Posted by KLSM CPA Firm PLLC on 02/22/2023
Virtually everyone has suffered a loss, whether it's an accident, which may be covered by accident insurance, or theft.Tornadoes, earthquakes, wildfires, hurricanes, and other...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 11/30/2022
Business owners benefit from driving themselves or their employees for business purposes because of the tax deduction it attracts. The IRS allows business owners to deduct their returns...
Posted by KLSM CPA Firm PLLC on 11/30/2022
After a divorce or separation, the spouse's primary earner or provider gets to pay the other partner alimony, spousal maintenance, or spousal support. Such payment aims to enable...
Posted by KLSM CPA Firm PLLC on 09/30/2021
Alimony, also known as spousal maintenance or support, is the payment that one partner makes to the other after divorce. The idea is to help low-earning individuals take care of expenses...
Posted by KLSM CPA Firm PLLC on 08/24/2021
Alimony, also known as spousal support, is the money paid to a spouse to another after a divorce. The idea is to help the spouse with the lower income to take care of expenses and...
Posted by Rosovich & Associates, Inc. on 01/06/2021
When you file your business taxes, you may be gathering information and asking yourself what is deductible and not. Income tax deductions benefit your business because they lower your...
Posted by Flynn Financial Group Inc on 04/26/2021
It is a sad reality for many people that they will have to let go a particular percentage of their income to Uncle Sam. While there is nothing much we can do about that, the right...
Posted by Elliot Kravitz, ATP on 02/23/2021
