President Biden has released his proposed budget for the 2025 fiscal year, including numerous tax provisions affecting both businesses and individual taxpayers. While most of these provisions have little chance of coming to fruition while the U.S. House of Representatives remains controlled by the Republican Party, they might gain new life depending on the outcome of the November elections. Here’s an overview of the major tax proposals included in the budget.

As we navigate another tax season together, we want to ensure your experience with TaxCaddy and our workflow is as smooth and efficient as possible. We've received helpful feedback and noticed a few common areas of confusion regarding document submission and account access. To address this, we've compiled some tips to guide you through the process.

The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL is implementing a new final rule rescinding the employer-friendly test that was developed under the Trump administration. The new, more employee-friendly rule takes effect March 11, 2024.

Business losses can sting, particularly when they are large and unexpected. However, there are numerous ways the tax code can help mitigate the effects of business losses and minimize the financial damage. A key factor is timing. The earlier in the year a business owner recognizes that a loss may occur, the more likely changes can be made in the current year to minimize the financial loss before it has a significant impact. 

In the ever-evolving realm of real estate, opting for either short-term or long-term rentals transcends mere convenience; it represents a choice with substantial implications for your financial strategy. At Brinker Simpson, we acknowledge the intricate nature of this decision and strive to offer a holistic viewpoint that encompasses the frequently underestimated dimension of taxation.

Understanding the nuances of tax laws, especially those pertaining to Social Security benefits taxation, is necessary for accurate tax preparation and strategic financial planning. The Internal Revenue Service (IRS) enforces distinct guidelines on how Social Security benefits are taxed, underscoring that these benefits are not always exempt from taxation. The extent to which your Social Security benefits are taxable is influenced by your overall income and tax filing status, making a clear understanding of these regulations critical for maintaining your fiscal health and ensuring compliance.

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations:

Victims of fraud often wonder why their auditors didn't flag the deception. "We got a clean opinion!" they might protest. "Why didn't they catch this during our annual audit?"

The U.S. House of Representatives on January 31 passed the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) by a vote of 357 to 70. The $78 billion bipartisan bill, crafted by Senate Finance Committee Chair Ron Wyden (D-Ore.) and House Ways and Means Committee Chair Jason Smith (R-Mo.), would revive or extend certain business tax incentives and enhance the child tax credit.