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February 2025 Individual Due Dates

February 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during January, you are required to report them to your employer on IRS Form 4070 no later than February 10.  Your employer

Federal EV Tax Credits: Should They Stay or Go?

The debate over federal tax credits for electric vehicles (EVs) is as electrified as the cars themselves. These credits, designed to incentivize the adoption of EVs, have sparked contrasting opinions about their effectiveness, fairness, and future. Advocates argue they are essential for achieving sustainability goals,

December 2024 Individual Due Dates

December 2 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2024. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during

Tax-Loss Harvesting Gets an Upgrade: What Investors Need to Know

What do you get the wealthy client who has everything? The answer, according to savvy money managers, might surprise you: a loss-making investment. This seemingly counterintuitive strategy is the basis for Wall Street’s latest tax-saving innovation—tax-aware long-short strategies. These approaches are gaining traction among the ultra-wealthy,

The Dark Side of Wealth: Lessons from a CEO’s Tax Fine

Kristo Käärmann, CEO of Wise Plc, recently found himself in hot water after being fined £365,651 by HM Revenue & Customs (HMRC) for significant tax issues. However, his problems didn’t end there. Per Bloomberg, the UK’s Financial Conduct Authority (FCA) imposed an additional penalty, criticizing