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How Inflation Will Affect Your 2024 and 2025 Tax Bills

RogerRossmeisl

Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. A larger standard deduction will shelter more income from federal income tax next year. The highest tax rate. The highest tax rate.

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Senior Tax-Saving Alert: Make Charitable Donations from your IRA

RogerRossmeisl

These qualified charitable distributions (QCDs) may help you gain tax advantages. QCD basics QCDs can be made from your traditional IRA(s) free of federal income tax. Thats OK because the tax-free treatment of QCDs equates to a 100% deduction. It must be a distribution.

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S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help

MyIRSRelief

S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. However, navigating the tax landscape for S Corps can be complex.

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Digital Assets and Taxes: What You Need to Know

RogerRossmeisl

As the use of digital assets like cryptocurrencies continues to grow, so does the IRS’s scrutiny of how taxpayers report these transactions on their federal income tax returns. To help you stay compliant and avoid tax-related complications, here are the basics of digital asset reporting.

Tax 147
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The Hidden World of Sales Tax Crimes

TaxConnex

Income tax often seems to grab most of the headlines, but sales tax can make for a hefty crime – and punishment – too. A famous case recently examined in the TaxConnex podcast It Depends episode, “Sales Tax Crimes - Pt. States are watching For Kozlowski, the sales tax matter was a $3.2

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Future sales tax trends

TaxConnex

Every new year brings a ton of developments in all varieties of tax. Sales tax driven by burgeoning eCommerce, dynamic kinds of nexus and a steam of new tech and products that jurisdictions see as lush sources of revenue again has more than its share of trends on tap for 2025. More tax in more states. Heres a look at a few.

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Understanding Nevada LLC Taxes

inDinero Tax Tips

You may have heard that Nevada LLC taxes are favorable to business owners. This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate.

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