Spotlight on the 1099-DA: What You Need to Know
Tracy Mathews Tracy Mathews

Spotlight on the 1099-DA: What You Need to Know

The tax landscape is evolving, and one major change on the horizon is the introduction of the 1099-DA form. Starting in 2026, this new requirement will affect taxpayers and businesses dealing with digital assets. Here’s what you need to know to stay ahead of the curve.

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Maximizing Your Year-End Tax Savings: Tips for Individuals
Tracy Mathews Tracy Mathews

Maximizing Your Year-End Tax Savings: Tips for Individuals

As the year draws to a close, now is the time to review your finances and take advantage of year-end tax strategies. Whether you are looking to reduce your taxable income or maximize deductions, these tips can help you save money come tax season.

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Veterans’ Tax Benefits and Financial Tips for Those Who Served
Tracy Mathews Tracy Mathews

Veterans’ Tax Benefits and Financial Tips for Those Who Served

This Veteran’s Day, we at Tax Pros HQ want to honor those who have served by highlighting tax benefits and financial strategies specifically designed to support veterans. Navigating taxes as a veteran can feel overwhelming, but understanding these key areas can make a big difference

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Holiday Bonuses and Gifts: What You Should Know About Their Tax Implications
Tracy Mathews Tracy Mathews

Holiday Bonuses and Gifts: What You Should Know About Their Tax Implications

As the festive season approaches, businesses often look for ways to express gratitude to their employees for a year of hard work. Holiday bonuses and gifts are popular methods of showing appreciation, boosting morale, and fostering a positive work environment. However, both employers and employees must understand the tax implications of these gestures to avoid unexpected liabilities when tax season arrives.

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When to Itemize: Maximizing Your Deductions
Tracy Mathews Tracy Mathews

When to Itemize: Maximizing Your Deductions

Itemizing your deductions can take a little more effort, but the payoff can be worth it if your deductible expenses exceed the standard deduction. Knowing when to itemize can mean significant savings on your tax bill.

You should consider itemizing if you have major expenses such as home mortgage interest, significant medical bills, charitable donations, or state and local taxes. If your total deductions exceed the standard deduction, itemizing will lower your taxable income and potentially your tax bill.

Itemizing requires more documentation, but it allows you to claim specific deductions that could reduce your tax burden. Some people might only itemize in years when they’ve had significant changes like buying a home or paying off large medical expenses.

Talk to a tax advisor to see if itemizing can benefit you in 2024.

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