by PSA CPA | Jan 1, 2025 |
As 2025 approaches, it’s time to mark your calendar with critical tax deadlines. Whether you’re filing your federal income taxes or making quarterly estimated payments, staying informed is essential to avoid penalties and ensure smooth financial planning. Remember,...
by PSA CPA | Jan 1, 2025 |
As of January 1, 2025, nine U.S. states are reducing individual income tax rates, bringing potential financial relief to millions of residents. According to the Tax Foundation, this wave of tax cuts reflects a nationwide push to lower taxes, a trend that began during...
by PSA CPA | Dec 1, 2024 |
The IRS has introduced significant changes for U.S. cryptocurrency investors. Starting January 1, 2025, crypto cost basis tracking will transition from the Universal method to the Per-Wallet method. This adjustment, detailed in Rev. Proc. 2024-28, will impact how...
by PSA CPA | Dec 1, 2024 |
Imagine you’re a business owner looking to purchase a dependable, heavy-duty vehicle for your company—perhaps a large truck or SUV. At the same time, you’re concerned about managing your business taxes effectively. Here’s the good news: the IRS Section 179 deduction...
by PSA CPA | Dec 1, 2024 |
Filing taxes is a fundamental responsibility for small business owners, one that demands thoughtful preparation to minimize liabilities and stay compliant. While owners focus on optimizing their tax savings through deductions, credits, and strategic financial...
by PSA CPA | Dec 1, 2024 |
On December 3, 2024, a federal court in Texas issued a nationwide injunction blocking the enforcement of the Corporate Transparency Act (CTA). The ruling came from the Eastern District of Texas in the case Texas Top Cop Shop, Inc., et al. v. Garland, et al. (Case No....
It’s interesting to see how Social Security benefits are taxed differently depending on income and location. I didn’t realize only…