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Tax season is here again! Staying on top of important dates and updates is essential to avoid late fees and ensure you don’t miss out on tax benefits. Let’s go over what you need to know for 2025. Key Tax Dates for 2025 Welcome to the CPA Nerd’s ultimate guide to the essential tax dates …
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 …
Retirement Withdrawals & Medicare In 2025, retirees often encounter two big surprises when it comes to Medicare: 1. Medicare Isn’t Free: While Medicare provides health coverage for those over 65, the costs vary based on income and coverage choices. 2. Premiums Can Fluctuate: Medicare Part B and Part D premiums are tied to your income …
IRS to Pensioners: Don’t Skip Your RMDs or Risk a Hefty Tax Bite The IRS has issued a no-nonsense reminder to pensioners: if you’re 73 or older, it’s time to take your Required Minimum Distributions (RMDs). Failure to do so could land you with a tax penalty that might make you wince—a hefty up-to-25% bite …
When it comes to tax planning, knowing the difference between tax credits and tax deductions can make a big difference in how much a business or individual pays in taxes. Both are designed to reduce your tax burden but they work differently. Tax credits give you a dollar for dollar reduction in the amount of …
Businesses across the country have been anxiously awaiting updates on their Employee Retention Credit (ERC) claims, and it appears the IRS is finally moving forward with processing these older claims. However, despite this progress, many companies are still not receiving their funds. Some valid claims are being denied, and others face demands for further verification—even …
CPA Nerds often get questions from educators wondering if they can deduct classroom expenses on their taxes. The good news is that eligible teachers and school employees can deduct certain out-of-pocket classroom costs, offering some relief on their tax returns. Here’s the latest tax law updates and what you need to know for 2024. Who …
Understanding which services are exempt from sales tax can help you manage your tax liability and avoid unnecessary tax payments. CPA Nerds will break down the specific services exempt from Michigan’s sales tax and how you can ensure compliance with state tax regulations. Let’s look into the critical exemptions and the types of services that …
At CPA Nerds, we want to keep you in the loop about the latest updates from the IRS on the Employee Retention Credit (ERC). After reviewing the claims they’ve been processing, the IRS recently added some new red flags pointing to potential ERC claims issues. Businesses need to be aware of these warning signs to …
