A medical expense deduction may be claimed when the primary purpose of a home improvement or modification is for a medical reason.

Beginning in January 2023, the tax rules will change and more small businesses will receive a 1099-K. Read our blog to find out if you could be one of them.

The estate tax is set to revert back to about half of the current lifetime gift and estate tax exclusion beginning in 2026.  If you need assistance with planning your gifting strategies, please contact Cray Kaiser.

The Internal Revenue Service recently announced the inflation-adjusted 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The IRS assesses short-term rentals based on the facts and circumstances of each case. As each case is unique and one size doesn’t fit all, we can help you determine the classification along with structuring it favorably for tax purposes.

The IRS has been engaged in a virtual currency compliance campaign to address tax noncompliance related to cryptocurrency use. The first reporting forms related to cryptocurrency transactions will be issued to the IRS and crypto investors in January 2024.

Disabled individuals and parents of disabled children may qualify for a number of tax credits and other tax benefits. Learn about several tax credits and other available benefits if you or someone listed on your federal tax return is disabled.

This could be another rough tax season for the IRS and taxpayers. Issues that could affect 2021 tax returns are Advance Child Tax Credit payments and/or Economic Impact Payment #3.

For tax purposes, the term “basis” refers to the monetary value used to measure a gain or a loss. The basis of an asset is a very important concept for tax purposes because it is used to calculate deductions for depreciation and casualties, as well as gains or losses on the disposition of that asset.

Did you know that tax planning can affect your future Medicare premium costs?  If not, you are not alone. Part B and Part D premiums are determined by a number of factors, the most important one being your Income-Related Monthly Adjustment Amount or IRMAA.