Your January Tax Filing Checklist: Getting Ready for Tax Filing Season
Ilir Nina CPA, EA,MSAT January marks the beginning of tax season—a time when individuals and businesses need to gather their financial information and prepare to meet the IRS’s filing deadlines. Whether you’re filing on your own or working with a tax professional, starting early and staying organized can make the process much smoother. This comprehensive […]
The Benefits of Early Tax Filing: Why January Is Your Friend (Idaho and Federal)
Tax season may seem like a time of stress and deadlines, but it doesn’t have to be. While the final tax filing deadline for most individuals is mid-April, there are numerous advantages to starting the process early and filing your taxes as soon as possible. In this blog, we’ll explore the benefits of early tax […]
The FinCEN BOI Reporting is Back: What You Need to Know
After a brief pause and much anticipation, the Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) reporting requirements are once again in effect. Businesses and entities across the U.S. must prepare to navigate these requirements to ensure compliance. Here’s what you need to know: New Deadline Update The reporting deadline for existing entities has […]
How Cryptocurrency Transactions Are Taxed
Cryptocurrency has emerged as a revolutionary financial asset, captivating investors, tech enthusiasts, and even skeptics worldwide. However, as with any asset, governments have imposed tax regulations on cryptocurrencies. Understanding these tax implications is essential for individuals and businesses involved in buying, selling, or holding cryptocurrencies. This blog aims to provide a comprehensive overview of how […]
Common Holiday Spending Mistakes That Lead to Tax Problems Next Year
The holiday season is a time of joy, celebration, and giving—but it can also be a financial minefield for many taxpayers. The combination of festive cheer and societal pressure often leads to overspending, which, if not carefully managed, can create cash flow challenges and set the stage for tax problems in the coming year. As […]
What is the Difference Between a Levy and a Lien? Understanding IRS and Idaho Tax Enforcement Tools
When dealing with unpaid taxes, either at the federal or state level, you may encounter two powerful tools used by tax authorities: liens and levies. Though they might sound similar, they serve different purposes and have unique implications for taxpayers. This blog will help you understand the differences between IRS tax levies and liens, as […]
Preparing for a New Political Landscape: What to Expect for Taxes and the Economy in 2025 Under a Trump Presidency
With the possibility of Donald Trump returning to the presidency, many wonder how his administration’s policies could impact taxes, the economy, and business in 2025 and beyond. Known for focusing on tax cuts, deregulation, and economic growth initiatives during his previous term, a Trump administration may once again implement policies aimed at lowering taxes, supporting […]
Essential Year-End Tax Strategies for Idaho Small Businesses in 2025
As 2025 approaches, Idaho small business owners have a critical opportunity to review their tax strategies and maximize savings before the year ends. With new federal and state-specific tax regulations, taking a proactive approach can mean the difference between significant tax savings and missed opportunities. From asset expensing and employee benefits to specialized state credits, […]
Year-End Tax Planning: Benefits for You and the State and IRS in Idaho
As the year draws to a close, many individuals and business owners start to think about the upcoming holiday season, family gatherings, and wrapping up work projects. But there’s one more crucial task that often gets overlooked—year-end tax planning. Whether you’re an individual taxpayer or a business owner, taking steps now to manage your tax […]
Smart Moves to Make Now for IRS Tax Resolution Success in Early 2025
As the year draws to a close, many Idaho residents are thinking about preparing for the upcoming tax season. However, if you have back taxes or unfiled tax returns, this time of year represents a crucial opportunity to get ahead of your tax situation. Idaho, like the IRS, offers pathways to settle back tax debt, […]
