2025 Standard Mileage Rates Released (Notice 2025-5; IR-2024-312)
The IRS released the optional standard mileage rates for 2025. Most taxpayers may use these rates to compute deductible costs of operating vehicles for:business,medical, andcharitable purposesSome mem...
IRS Reminds Taxpayers of Disaster Deadlines (IR-2025-1)
The IRS reminded disaster-area taxpayers that they have until February 3, 2025, to file their 2023 returns, in the entire states of Louisiana and Vermont, all of Puerto Rico and the Virgin Islands and...
CA - Interest rates decrease for second half of 2025
The adjusted interest rates for underpayments and overpayments of California personal income tax and corporate franchise and income tax will decrease for the period July 1, 2025, through December 31, ...
UT - Reminder issued on first quarter 2025 changes
Utah issued a reminder on the most recent general and specific sales tax changes, effective January 1, 2025.General ChangesThe general changes are as follows:Newly Organized Special Entities: Fairpark...
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Tax knowledge is more critical than ever in today's complex world. With our ever-changing tax laws an unwary taxpayer could easily manage to eliminate almost all of their tax benefits. You can use any method that meets the IRS regulations requirement to document your deductions. Always make sure you know what documentation is needed for that deduction, and then make sure you have adequate proof. When you maintain adequate documentation for income and deductions you will find that you will have a much happier and simpler tax life. One of our goals is to show our clients how to legally, by using the internal revenue code for your benefit, and ethically reduce your income taxes. This website can be the first step in planning a personal tax strategy when used in conjunction with the expertise of a tax professional. Working as a team with a tax professional, you as a business owner can master the basics of strategic tax planning. As a business owner you can achieve tax savings for both your personal and business taxes through the evaluation and help of a knowledgeable tax advisor.