Tax Tips

2025 Tax Law Changes Every Small Business Owner Should Know As the calendar turns to 2025, small business owners are entering a year shaped by notable tax law updates. These changes could significantly affect how businesses file taxes, claim deductions, and plan financially. Therefore, whether you operate as a sole proprietor, LLC, S-Corp, or independent contractor, understanding the current tax landscape is essential for compliance and profitability. In this guide, we’ll explore the most important […]

Lower tax rates, double deductions, and generous tax credits. Tax season is often met with a mixture of anticipation and trepidation. But what if we told you that there’s a financial silver lining to saying “I do”? Marriage and joint tax filing can lead to significant tax savings, and we’re here to walk you through the tax benefits you can enjoy when you tie the knot and file together. 1. Lower Tax Rates for Joint

Unlocking the Tax Advantages of Roth IRAs Planning for retirement requires a clear understanding of how taxes affect your savings. A Roth IRA provides powerful tax advantages that can strengthen your long-term financial strategy. Unlike traditional retirement accounts, you fund a Roth IRA with after-tax income, which allows you to enjoy tax-free withdrawals in retirement. How Roth IRA Contributions Work You contribute money to a Roth IRA after paying taxes on your income. Because you

FAQs and Tax Implications for Property Owners Are you a property owner wondering how rental income affects your taxes? Whether you’re an experienced landlord or just entering real estate, understanding rental income taxation helps you stay compliant and reduce surprises. Below, we answer common questions about rental income taxes and explain how Liberty Tax can support you every step of the way. Understanding the Basics of Rental Income Taxation Do You Have to Pay Tax

Understanding Gross vs. Net Income Income forms the foundation of personal and business finances, but not all income is the same. To make smarter financial decisions and simplify tax preparation, it’s crucial to understand the difference between gross income and net income. What Is Gross Income? Gross income represents the total earnings before any deductions. For individuals, this includes: Wages and salaries Bonuses Interest and dividends Other income sources For businesses, gross income equals total

How Student Loans Affect Your Taxes Student loans can place a financial strain on borrowers. However, they also offer tax benefits that can help reduce your tax burden. If you made student loan payments during the year, you may qualify for deductions that lower your taxable income. One of the most important documents you need is Form 1098-E, which shows how much student loan interest you paid during the tax year. In this guide, we

Preparing for Tax Season Made Easy Tax season can feel overwhelming. However, the right information can make the process much easier and less stressful. The Internal Revenue Service (IRS) will begin accepting and processing 2023 tax returns on Monday, January 29. Before that date, taxpayers can take steps to prepare. The IRS opened its Free File portal on January 12 for eligible taxpayers. IRS Free File is available to individuals who earned $79,000 or less

Head of Household (HOH) Filing: Reduce Your Taxes as a Single Parent Are you single and supporting a child for more than half the year? You may qualify to lower your tax liability by filing as Head of Household (HOH). This filing status can provide significant tax benefits for single parents or individuals who financially support dependents. What Is Head of Household (HOH) Status? The HOH status applies to individuals who are unmarried for tax