Category Archives: Tax

At Whittaker CPAs, we believe tax planning isn’t just about paying less,  it’s about building more. While most people treat taxes as a once-a-year event, the most financially successful individuals take a different approach. They treat tax planning as a year-round strategy to preserve wealth and grow it over time. Here’s how you can use

With every new tax year, adjustments to tax laws and regulations can impact individuals, small business owners, and corporations. As we move into 2025, it’s essential to understand the latest tax changes and how they may affect your tax planning strategy. From updated income tax brackets to potential adjustments in deductions and credits, here’s what

Understanding Medical Expense Deductions from a Tax Perspective Medical expense deductions can help lower your taxable income if you have significant healthcare costs. However, not all medical expenses qualify, and certain thresholds must be met. Here’s what you need to know when considering medical expense deductions for tax purposes. 1. The 7.5% AGI Threshold For

For years, many businesses kept lease obligations off their balance sheets, particularly operating leases for office space, equipment, and vehicles. But with the introduction of ASC 842, those days are over. Originally impacting public companies in 2019, private businesses are now required to comply with the new lease standard. While some private business owners may

California Pass-Through Entity (PTE) Tax: A Key Strategy for Business Owners California’s Pass-Through Entity (PTE) Tax provides an opportunity for business owners to reduce federal taxable income while navigating the state and local tax (SALT) deduction cap. Designed for S corporations, partnerships, and LLCs taxed as partnerships, this tax strategy can lead to significant tax

The Internal Revenue Service (IRS) has released the inflation-adjusted federal income tax brackets for the 2025 tax year, applicable to income earned in 2025 and filed in 2026. While tax rates remain unchanged, the income thresholds have been adjusted to account for approximately a 2.8% inflation rate. 2025 Federal Income Tax Brackets Here are the

Standard vs. Itemized Deductions: Which One Saves You More on Taxes? When filing your individual tax return, one of the biggest decisions you’ll face is whether to take the standard deduction or itemize your deductions. The choice you make can significantly impact your taxable income, the amount you owe, and the size of your refund.

A 1031 exchange remains one of the most effective tax strategies for real estate investors, allowing them to defer capital gains taxes when selling and reinvesting in like-kind properties. However, as 2025 unfolds, potential legislative changes could limit this powerful tax benefit. In this guide, we’ll break down how 1031 exchanges work, what proposed changes

How to Plan for Taxes When Transferring Commercial Real Estate to Your Heirs When it comes to transferring commercial real estate to your heirs, the tax implications can be significant. Due to this significance, it is important to plan right which tends to be quite complex. Commercial property is one of the most valuable things