Tag: 2025-tax-returns
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Didn’t File Your Tax Return? Here’s What Actually Happens
“The hardest thing in the world to understand is the income tax.” — Albert Einstein Even a genius found the income tax confusing. Now consider what ordinary taxpayers actually do when faced with it. The U.S. tax system operates on a voluntary basis. That means taxpayers are expected to file federal income tax returns each…
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New Form 1099-DA & Digital Asset Reporting for 2025 Tax Returns
Cryptocurrency reporting has become a recurring topic in recent filing seasons. In an earlier article, Crypto Transactions and Tax Returns, I discussed why digital asset activity often creates uncertainty on tax returns, particularly when taxpayers believe that transactions involving small dollar amounts do not require reporting or assume that no reporting is necessary because no…
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Tip Income and Overtime Deductions Under the One Big Beautiful Bill Act
For the 2025 tax year, Congress enacted several changes affecting individual income tax reporting. Among them are new deductions related to tip income and overtime compensation, enacted as part of the One Big Beautiful Bill Act. These provisions apply to 2025 income, meaning they affect tax returns filed in 2026. While they have received significant…
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“December Reality Check: Preparing Your 2025 Business Taxes Without the Panic”
Every year around this time, businesses rush to wrap up projects, handle holiday sales, close the books, and prepare for the new year. And yet, something important gets pushed aside: Getting ready for tax season. Unlike individuals, who often only need W-2s and a few forms, business tax returns require real preparation – documents, receipts,…