When you start or grow a business, choosing the right structure is one of the most impactful decisions you will make. Your business structure directly determines how your taxes are filed, what forms you must submit, and how your income is reported. Many business owners underestimate how much this decision can influence their ongoing financial responsibilities. Selecting the wrong structure can lead to unnecessary complexity or missed opportunities for tax efficiency. Understa

Notices from the IRS are more common than you may realize. Each year, the IRS mails millions of letters to clarify information, confirm changes or request additional documentation. Receiving a notice may seem intimidating, but most notices can be addressed quickly with the right information and guidance. 5 Common IRS Notices Explained Each IRS notice includes a reference number, such as CP49 or CP14. It identifies the issue and helps determine the appropriate response. Below

If you’re planning to grow your business, consistent and accurate bookkeeping should be one of your top priorities. While it may seem like a routine administrative task, bookkeeping plays a foundational role in helping your business expand with stability and control. Effective scalability is about growing in a way that remains efficient and financially sustainable. Without organized financial records, you may find yourself making decisions based on guesswork rather than data.

Until recently, much tax uncertainty surrounded estate planning. The Tax Cuts and Jobs Act doubled the federal gift and estate tax exemption to an inflation-adjusted $10 million, but only for 2018 through 2025. Fortunately for those with larger estates, in 2025, legislation was signed into law that increases the exemption to $15 million for 2026, with annual inflation adjustments going forward — and no expiration date. This provides more estate planning certainty, but not com

Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might be able to deduct your car loan interest. But various rules and limits apply. The Specifics The OBBBA allows eligible individuals, including those who don’t itemize deductions, to deduct some or all the interest

Key Elements of Business Succession Planning. Ever since you became a business owner, you’ve focused on growing revenue, managing...

Alright, listen up, folks! Tax planning is like the secret sauce for both individuals and businesses to score big savings, dodge those...

While there are still 7 tax rates, the income ranges (tax brackets) for each rate have shifted slightly to account for inflation. For...

To benefit from a Home Office Deduction, specific criteria must be met, and a designated portion of your home must be utilized in one or...

Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners (i.e.,...

There are two ways you can take deductions on your federal income tax return: you can itemize deductions or use the standard deduction....

Here are six powerful business tax deduction strategies you can easily understand and implement before the end of 2023 1. Prepay...

The IRS urges taxpayers to promptly review their tax withholding to avoid surprises, whether in the form of significant refunds or...

Many businesses consider the occasional wining and dining of customers and clients just to stay in touch with them to be a necessary cost...

Section 1031 Exchanges and what you need to know.

Still Waiting on Stimulus Payments? You may claim the credit when you file your 2020 tax return! Here is what you need to know.

#BeCyberSmart Security threats constantly change and evolve. We take extra precautions here at DPFT to ensure that your information is...

Since income tax is not withheld on Social Security, you may need to pay estimated tax. Our office can help you.

As a parent with young children, you are faced with many rewards and challenges, such as saving for a college education.

You may be aware that most homeowners are able to exclude up to $250,000 of the gain realized on the sale of a principal residence.