Tax Tips

As the calendar turns to 2025, small business owners are faced with a new wave of tax law changes that could significantly impact how they file, deduct, and plan financially. Whether you’re a sole proprietor, LLC, S-corp, or independent contractor, understanding the tax landscape this year is crucial to staying compliant and maximizing your returns. In this post, we’ll break down the most important updates to tax laws in 2025, how they affect small businesses, […]

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 When it comes to retirement savings, understanding the tax implications of your investment choices is crucial. A Roth IRA offers unique tax benefits that can significantly impact your financial planning. Unlike traditional retirement accounts, contributions to a Roth IRA are made with after-tax dollars, which means that withdrawals during retirement are generally tax-free. Contributions and Growth: Tax-Free Earnings The money you contribute to a Roth IRA grows tax-free.

FAQs and Tax Implications for Property Owners Are you a property owner wondering about the tax implications of rental income? Whether you’re a seasoned landlord or just starting your journey in real estate, understanding how rental income is taxed is crucial. In this Q&A style guide, we’ll answer common questions about taxation and offer insights into how Liberty Tax can assist you in navigating the complexities of rental income taxation. Basics of Rental Income Taxation

Dive in with us to understand these terms better and make smarter financial decisions! Income is the cornerstone of our financial lives, but not all income is created equal. For anyone navigating the complexities of personal finance or preparing their taxes, understanding the distinction between gross and net income is crucial. What Exactly is Gross Income?  Gross income is the total amount you earn before any deductions are made. This includes wages, salaries, bonuses, interest,

Student loans can be a financial burden, but they also come with some tax benefits that can help ease the pain. If you’ve made payments on your student loans, you may be eligible for deductions that lower your taxable income. One of the key documents you need for this is Form 1098-E, which reports the amount of student loan interest you’ve paid during the tax year. In this comprehensive guide, we’ll explore how student loans impact your

TAX season can be a daunting time, but having the proper knowledge can make the process easier. The Internal Revenue Service (IRS) will officially begin accepting and processing 2023 tax returns on Monday, January 29 but before then, there are several steps and tools to make it less stressful. Taxpayers should note that the IRS’s free filing portal opened on January 12. IRS Free File is only available to taxpayers who made $79,000 or less in 2023. Those

Are you single with a child, that you support for more than half the year? You may qualify* to lower the amount of taxes you owe. Filing your taxes as Head of Household (HOH) can be a powerful way to reduce your tax liability, especially if you’re a single parent or provide support for dependents. In this Q&A style guide, we’ll explore the qualifications, benefits, and filing tips for the HOH status. What is the