Tax Deductions Explained: Maximize Your Savings in 2024! Tax season is here! At RSK TAX AND CONSULTING, LLC, we’re dedicated to helping you maximize your deductions and keep more of your hard-earned money. This guide will walk you through common tax deductions you may qualify for in 2024. What Are Tax Deductions? Tax deductions reduce your taxable income, lowering the amount of tax you owe. Unlike tax credits, which directly reduce your tax bill, deductions help you pay less in taxable...
15 days ago • 1 min read
Protect Yourself from Tax Scams This Season Tax season can be stressful, but scams make it even worse. Here are the most common tax scams and how to avoid them: 1. IRS Impersonation Scams Scammers claim to be from the IRS, demanding immediate payment or threatening legal action. The IRS never calls or demands immediate payment over the phone. Tip: Always verify any communication by calling the IRS directly using their official number. 2. Fake Tax Preparer Scams Some scammers pose as tax...
22 days ago • 1 min read
Tax Filing Tips: How to File Accurately and Efficiently Filing taxes can be a daunting task, but with the right approach, it doesn’t have to be overwhelming. Whether you’re filing for the first time or you’re a seasoned pro, these tips can help ensure that you file your taxes accurately and efficiently, saving you both time and stress. 1. Stay Organized from the Start Start by gathering all necessary documents before you begin filing your taxes. These may include: W-2s (for employees) 1099...
29 days ago • 2 min read
Important Reminder: March 17th Deadline for S Corps and Partnerships to File Extension Business Exit Strategy As we approach the middle of March, we want to remind S Corporations and Partnerships that March 17th is a crucial deadline. This is the last day to file for an extension on your tax returns for the 2024 tax year. If you're not fully prepared to submit your tax returns by then, filing for an extension is your best option to avoid penalties for late filing. What Does This Deadline Mean...
about 1 month ago • 2 min read
Stress-Free Tax Season: Tips to Help You Navigate Tax Time with Ease As we approach tax season, it's natural to feel a sense of pressure and stress. The thought of gathering documents, understanding complex tax forms, and meeting deadlines can make anyone anxious. But rest assured, you're not alone, and there are plenty of strategies you can implement to reduce that stress. Whether you’re filing your taxes yourself or working with a professional, here are some helpful tips to help make this...
about 1 month ago • 3 min read
Why Filing a Tax Extension Might Be the Smartest Move You Make in 2025 Filing your taxes may feel like a race against time, but rushing to file can cost you. Many people think filing a tax extension is just a way to procrastinate, but in reality, it can be one of the smartest financial moves you make. Filing an extension allows you to get the details right, save money, and avoid penalties. Here’s why it could be the right move for you in 2025. 1. Rushing Your Taxes = Costly Mistakes When you...
about 2 months ago • 2 min read
Maximize Your Profits: Top Tax Saving Strategies for Small Business Owners in 2025 As we step into 2025, it's more important than ever to have a solid tax strategy in place. The right tax-saving measures can significantly reduce your tax liability, freeing up funds to reinvest in your business or put toward your long-term goals. Here’s a guide to some effective tax-saving strategies for small business owners this year. 1. Take Advantage of the 100% Deduction for Home Office Expenses If you...
about 2 months ago • 2 min read
Make the Most of Your Health Insurance Tax Did you know that some of your health insurance expenses may be tax-deductible? If you're self-employed, run a business, or have significant medical expenses, you might qualify for valuable deductions that can lower your tax bill. What Health Insurance Costs Are Deductible? Self-Employed Health Insurance Deduction – If you're self-employed and not eligible for employer-sponsored coverage, you may be able to deduct your health insurance premiums for...
2 months ago • 1 min read
Maximize Your Tax Benefits When Trading in a Business Vehicle If you’re considering trading in your business vehicle for a new one, it’s essential to understand the tax implications. The way your trade-in is treated depends on factors like depreciation, deductions, and business use percentage. Here’s what you need to know: Section 179 & Bonus Depreciation: If your current vehicle was expensed using Section 179 or bonus depreciation, trading it in may trigger taxable gains. If you deducted the...
2 months ago • 1 min read