Tax preparation and planning insights for business owners and individuals with complex needs in Roanoke, VA and beyond. Covers filings, compliance, and proactive strategies to reduce taxes and improve outcomes.
If you earn a high income in Virginia, it is easy to assume your state tax return is simple: top rate is 5.75%, file the forms, move on. That assumption…
Virginia’s R&D tax credits have expired. For taxable years beginning on or after January 1, 2025, Virginia businesses generally can no longer earn the state Research and Development Expenses Tax…
If you earn strong W-2 income, you've probably heard the frustrating rule: rental losses usually can't offset your salary. For most long-term rentals, that's true. Short-term rentals are different. Under…
Q: What tax deductions do most small businesses miss? A: Nearly every “ordinary & necessary” expense – advertising, software, contract labor, insurance, rent, supplies – can be deducted. The main…
If you are eyeing a G-Wagon and telling yourself it is a business deduction, you are not alone. Social media has turned Section 179 into a luxury-SUV sales pitch. The…
If you are hearing that “100% bonus depreciation is back” and wondering what that means for your 2026 tax bill, the basic answer is that many businesses can once again…
If you’ve ever been hit with an IRS underpayment penalty, you already know how annoying it is. It is one of the most avoidable penalties in the tax code, yet…
If you’re selling investments at a loss and buying them back too quickly, you can accidentally trigger one of the IRS’s most misunderstood rules: the wash sale rule. The stakes…
If you invest in real estate and feel trapped by taxes, you’re not imagining it. Most investors are boxed into passive loss limits, forced to carry forward deductions for years,…
If you’ve heard “hire your kids and it’s all tax-free,” you’ve heard the version that gets people in trouble. The real version is simpler and more boring: you can deduct wages…