Can I write off closing costs on my new home?
Buying a new home is exciting, but it also comes with a long list of expenses – one of the biggest being closing costs. If you’re wondering whether you can deduct these costs on your tax return, the answer is: it depends. Let’s break it down. What are closing costs? Closing costs are fees and […]
Are GLP-1 Medications tax deductible?
GLP-1 medications are typically used to treat conditions like type-2 diabetes and obesity. According to IRS guidelines, the deductibility of these medications as medical expenses on your tax return depends on their prescribed use: It’s important to maintain thorough documentation, including the physician’s diagnosis and prescription, to support the medical necessity of the medication if […]
Why is my tax refund smaller than before?
You’ve noticed your tax refund looking bleak lately? Unfortunately, your eyes are not deceiving you. Your tax refund is a direct reflection of how much or how little your employer is withholding your taxes on each pay period. If they take too much out, you may receive a refund. Too little? You will have to […]
Is TikTok on the chopping block?
What the next 90 days could mean for creators and businesses January 19, 2025, was a sad day for many creators using the popular platform, TikTok. Many were posting farewells to their followers. Some reported to have completely abandoned the platform due to the uncertainty surrounding the law passed by Congress. Two hours before midnight, […]
Small Business Taxes FAQ: 10 Common Questions Answered
Managing taxes as a small business owner can be overwhelming. To help, we’ve answered some of the most common questions about taxes for small businesses. Let’s dive in! 1. Do I need to pay taxes quarterly?Yes, most small business owners who expect to owe at least $1,000 in taxes must pay estimated taxes quarterly. This […]
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