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Tax Tips for May 2025

by Caras & Shulman | May 26, 2025 | Tax Tips

Click on the links below to jump to each section in this article: Helping a Family Member Buy a Home Tax-Advantaged Savings Accounts That Benefit Those With Disabilities Facilitate IRS Transactions With a Business Tax Account Helping a Family Member Buy a Home Making a family loan isn’t the only way to assist a loved one with purchasing a home. If you aren’t concerned about being paid back, a straightforward option is gifting cash. In 2025, you can give up to $19,000 to anyone without federal gift tax consequences under the gift tax annual exclusion. If your loved one is married, you can gift up to $38,000 to the couple tax-free. If you’re married, you and your spouse can jointly give up to $76,000 to the couple, all without federal gift tax consequences (4 x $19,000). Gifts...

Traveling With Your Spouse on Business? Know What’s Deductible

by Caras & Shulman | May 19, 2025 | Featured Articles

If you own a company and travel for business, you may wonder whether you can deduct all the costs of having your spouse accompany you on trips. It’s possible, but the rules are restrictive.

Your Return Is Filed! 3 Things to Keep in Mind Post-Filing

by Caras & Shulman | May 12, 2025 | Featured Articles

Most people feel some relief after filing their income tax returns each year. But even if you’ve successfully filed your 2024 return, you may still have questions. Here are three common ones.

The High Cost of Worker Misclassification: Tax Implications and Risks

by Caras & Shulman | May 5, 2025 | Featured Articles

The consequences of misclassifying an employee as an independent contractor can be costly. You could be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), penalties and interest. There may be serious nontax consequences as well.

Tax Tips for April 2025

by Caras & Shulman | Apr 29, 2025 | Tax Tips

Click on the links below to jump to each section in this article: Stuck in the Middle: The Sandwich Generation Don't Believe the Myths Your Business Tax Information at Your Fingertips Stuck in the Middle: The Sandwich Generation The term “sandwich generation” was coined to describe baby boomers caught between caring for their aging parents and their children. Today, it most commonly applies to Generation Xers and older Millennials. If you’re caught in the middle, it might be time for honest discussions about pressing issues such as funding children’s higher education and paying for a parent’s long-term care. Start with the “bottom” of the sandwich: your children. What’s appropriate to share with them depends on their age. However, by high school, you should be talking about their...

The Tax Side of Gambling

by Caras & Shulman | Apr 22, 2025 | Featured Articles

Whether you’re a casual or professional gambler, your winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest and penalties. Here’s what you need to know to stay compliant and potentially minimize your tax liability.

Payroll Fraud Threats Inside and Outside Your Company

by Caras & Shulman | Apr 8, 2025 | Featured Articles

Payroll fraud schemes can be costly. According to a 2024 Association of Certified Fraud Examiners (ACFE) study, the median loss generated by payroll fraud incidents is $50,000. It’s essential to know the payroll schemes making the rounds and how to prevent them or at least catch them before they go on very long.

Tax Season Cleanup: Which Records Can You Toss?

by Caras & Shulman | Apr 1, 2025 | Featured Articles

If you’ve filed your 2024 tax return, you may be eager to do some spring cleaning, starting with tax-related paper and digital clutter. The documentation needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long must you save these records? Three years is the general rule. But don’t be hasty: Failure to keep a paper trail for the information reported on a tax return could lead to problems if the IRS audits it.

Tax Tips for March 2025

by Caras & Shulman | Mar 25, 2025 | Tax Tips

Click on the links below to jump to each section in this article: File Your FBAR on Time to Avoid Penalties Options for Paying Your Tax Bill Stay Ahead of Business Cybercrime File Your FBAR on Time to Avoid Penalties Any U.S. person with a financial interest in or authority over foreign financial accounts may be required to file a Report of Foreign Bank and Financial Accounts (FBAR). An FBAR is required if the aggregate value of the accounts exceeds $10,000 at any time during the calendar year. FBARs are due April 15 of the following calendar year, though an automatic extension is allowed. For purposes of FBAR requirements, here are the definitions of some key terms: U.S. person. This includes U.S. individuals (adults or children), resident aliens, and specific entities, such as...

It May Not Be Too Late to Reduce Your 2024 Taxes

by Caras & Shulman | Mar 18, 2025 | Featured Articles

If you’re preparing to file your 2024 federal income tax return and your tax bill is higher than you’d expected or your tax refund is smaller than you’d hoped, there might still be an opportunity to change it. If you qualify, you can make a deductible contribution to a traditional IRA until the filing date of April 15, 2025, and benefit from the tax savings on your 2024 return.

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What’s New / Resources

Tax Tips for May 2025

Traveling With Your Spouse on Business? Know What’s Deductible

Your Return Is Filed! 3 Things to Keep in Mind Post-Filing

The High Cost of Worker Misclassification: Tax Implications and Risks

Tax Tips for April 2025

Payroll Fraud Threats Inside and Outside Your Company

Tax Season Cleanup: Which Records Can You Toss?

Tax Tips for March 2025

It May Not Be Too Late to Reduce Your 2024 Taxes

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