Tax Deduction: Extra Savings for Seniors 65 and Older
Most people have heard about the standard deduction, a key tax benefit that reduces the amount of income subject to federal income tax. However, fewer are aware that there is an additional benefit specifically for individuals aged 65 and older. This extra standard deduction is one of the simplest and most valuable ways for older […]
Tax Bill Update: Key Changes That Could Affect Your 2025 Taxes
The U.S. House of Representatives recently passed a new tax bill that could bring major changes to how individuals and businesses file their taxes, especially when it comes to deductions. One of the most talked-about updates is the proposed increase to the State and Local Tax (SALT) deduction cap, which would offer some relief to […]
Proposed Tax Bill: Impact on Cash Flow and Growth
A newly released draft of the proposed tax bill from the House Ways and Means Committee is sparking attention nationwide, particularly among growth-oriented businesses. Its implications for corporate cash flow and investment strategies could be substantial. If your business is pouring capital into innovation, new equipment, or R&D, this proposal might reshape your financial outlook. […]
IRS Layoffs and Budget Cuts: Taxpayer Impacts in 2025
Major changes are underway at the Internal Revenue Service (IRS), and they’re already beginning to affect millions of Americans. In 2025, widespread IRS layoffs and budget cuts are not just headlines, they’re having real consequences on how the IRS operates and how efficiently it can serve the public. When you wait weeks for a refund, […]
Business Tax Returns: Scout Tax Makes Amendments Easy
Running a business is fulfilling, but it can also be chaotic. Between managing operations, serving customers, balancing finances, and staying compliant, it is easy to overlook a detail or make a mistake when filing business tax returns. If you have ever realized something was wrong after submitting your return, you are not alone. What matters […]
Tax Documents: Keep, Shred, and Stay Organized
Let’s be honest, nobody enjoys dealing with paperwork, especially when it starts piling up. But when it comes to taxes, knowing what tax documents to keep and what to toss is key. The right system can help you stay organized, reduce stress, and avoid unnecessary issues with the IRS. At Scout Tax, we understand that […]
Sales Tax Audits: How to Contest and Defend Your Position
Sales tax audits can be stressful, time-consuming, and costly for businesses. State tax authorities, like the California Department of Tax and Fee Administration (CDTFA), conduct these audits to ensure businesses are properly reporting and remitting sales taxes. However, mistakes can happen on both sides—businesses may over-report or misreport their tax returns, and auditors can misinterpret […]
Tax Breaks: 10 Key Benefits for Homeowners and Buyers
Owning a home comes with significant financial responsibilities, but it also provides valuable tax benefits that can help you save money. Whether you’re a first-time homebuyer or a seasoned homeowner, these real estate tax breaks can help you reduce your taxable income and get some money back. Here are ten essential tax breaks you should […]
IRA Taxes: Rules for Smart Planning
Individual Retirement Accounts (IRAs) are a powerful tool for saving for retirement while offering tax advantages. However, navigating IRA taxes and the related rules can be complex. Understanding these regulations is crucial to maximize benefits and avoid costly mistakes. In this article, we’ll break down the key tax rules for traditional and Roth IRAs, contribution […]
1099-K Changes: Impact on Small Business Owners & Landlords
The IRS has made significant changes to 1099-K reporting that could affect small business owners, freelancers, and landlords. If you accept payments through platforms like PayPal, Venmo, Square, or Stripe, these new regulations may impact you. Understanding how these changes work can help you avoid tax surprises and ensure compliance. What is a 1099-K? Third-party […]
