If you use your vehicle for work, here’s some good news: the IRS just bumped up the standard mileage rate for 2026, and it could mean a bigger deduction when tax time rolls around. Starting January 1, 2026, the business driving rate is 72.5 cents per mile — up 2.5 cents from last year’s 70 …
Does the IRS Send Emails? Many taxpayers are surprised to learn that the IRS does not initiate contact by email, text message, or social media. This misconception often leads to confusion, especially for individuals who have set up online IRS accounts and assume electronic notices will arrive in their inbox. Scammers rely on that confusion. …
The IRS recently released proposed regulations that clarify which types of tips qualify under the new No Tax on Tips provision of the One Big Beautiful Bill Act. This guidance is essential for both employees and employers in industries where tips are a standard part of compensation. While the rules are not yet final, they …
Learn how do i apply for sales tax exemption in michigan easily with step-by-step tips, forms, compliance advice, and expert guidance.
Are You Just Grinding for XP? So you’re thinking about becoming the next Twitch star, huh? That’s awesome. You’ve got the skills, the charisma, maybe even a decent mic that doesn’t sound like you’re whispering into a tin can from 1997. And now you’re wondering… is it worth forming an LLC for your streaming efforts? …
Cryptocurrency is part of many investors’ portfolios, but it also comes with tax implications that are often misunderstood or overlooked. If you’ve bought, sold, traded, or even used crypto to buy something, you could be subject to capital gains tax. Let’s review what that means and how it will affect your next tax return. What …
When it comes to taxes, timing is everything. Whether you’re a small business owner, self-employed, or an individual taxpayer, missing the tax filing deadline can lead to unwanted financial consequences. At CPA Nerds, we regularly get asked: “What happens if I file my taxes late?” In this article, we break down the potential penalties, interest …
Breaking Down the CTA Ruling Corporate Transparency Act Update March 3rd, 2025 – And the beat goes on….and on…. Great news for business owners and accountants! The Treasury Department just dropped a game-changing announcement: No more penalties or fines for U.S. businesses under the Corporate Transparency Act’s beneficial ownership reporting rules—now or after the upcoming …
February 2025 Update: Corporate Transparency Act reporting requirements back in effect Following the U.S. District Court for the Eastern District of Texas ruling on February 18, 2025, in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) …
A 1031 exchange allows real estate investors to defer capital gains taxes when selling one property to buy another. However, specific actions during this process can create a “boot,” which is taxable. Knowing how these actions can trigger boot is key to maximizing the tax benefits of your exchange. In this article, we’ll review several …
