Blog | Tally Tax Man

Nov 301 min read

Can You Take a Tax Deduction for a Natural Disaster?

It depends. Yes, you can take a deduction for damages due to a natural disaster that has been declared a federal disaster. This is...

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Another Tax Filing Extension For Those Affected by Hurricanes Helene and Milton

sarahmckinley0811

Nov 271 min read

Another Tax Filing Extension For Those Affected by Hurricanes Helene and Milton

For those who timely filed a 2023 tax extension, your extension has been extended again. For taxpayers whose address, or whose tax...

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2025 Social Security COLA Increase has been Released

sarahmckinley0811

Nov 251 min read

2025 Social Security COLA Increase has been Released

The 2024 COLA increase was 3.2%. The newly released Social Security COLA (Cost of Living Adjustment) increase for 2025 is 2.5%. This...

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sarahmckinley0811

Nov 221 min read

Is Life Insurance Proceeds Taxable?

Normally, life insurance death benefit is not taxable. If you cash in a cash value policy, then any amount above premiums paid in will be...

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BOI Business Report Filing Deadline Is Approaching

sarahmckinley0811

Nov 191 min read

BOI Business Report Filing Deadline Is Approaching

This is a requirement brand new for 2024. This report is separate from the FL Sunbiz annual report filing. The Business Ownership...

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What Is All The Talk About the BOI Report?

sarahmckinley0811

Nov 141 min read

What Is All The Talk About the BOI Report?

This is a requirement brand new for 2024. This report is distinctly separate from the FL Sunbiz annual report filing. The Business...

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Business Owners, Do You Have a Succession Plan?

sarahmckinley0811

Nov 122 min read

Business Owners, Do You Have a Succession Plan?

We have all probably known, or have at least heard of a business owner dying and having no succession plan in place. Oftentimes, even...

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sarahmckinley0811

Nov 81 min read

What is FIRPTA?

This topic recently came up with a client. This is the law that requires the buyer of a US property that is sold by a foreigner to...

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sarahmckinley0811

Nov 62 min read

The Significance of The Passage of Time

Confession time for Shawn, here. My wife and I purchased a used timeshare back in 2001 or so for $3,000. The original price was around...

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sarahmckinley0811

Oct 191 min read

Still Got Tax Questions?

We’ve got answers. If you have any questions, or need to discuss a tax situation for this year or next, then please contact us. We can...

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IRS Provides Clarity on Inherited IRA Distribution Rules

sarahmckinley0811

Oct 161 min read

IRS Provides Clarity on Inherited IRA Distribution Rules

Eligible designated beneficiaries (surviving spouse, minor children, chronically ill or disabled, and people no more than 10 years...

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My Spouse And I both Received a Bill from IRS. Do we Owe It Twice?

sarahmckinley0811

Oct 131 min read

My Spouse And I both Received a Bill from IRS. Do we Owe It Twice?

We get this question somewhat frequently. The answer is no. For a married joint (MFJ) tax return, the IRS sends all letters to both...

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sarahmckinley0811

Oct 121 min read

Update on Roth 401(k) Rules

Beginning in 2024, you are no longer required to take RMDs from Roth 401(k) accounts. This was part of the SECURE 2.0 Act. Of course,...

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What Do The Financially Successful Have In Common?

sarahmckinley0811

Oct 81 min read

What Do The Financially Successful Have In Common?

Just like any other profession, we tax and accounting professionals notice trends and see what works and what doesn’t. Here are the...

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I have a Solo 401(k), and Want To Hire An Employee in a Subsidiary. Can I Do This?

sarahmckinley0811

Oct 61 min read

I have a Solo 401(k), and Want To Hire An Employee in a Subsidiary. Can I Do This?

That’s a complicated issue. This gets into the issue of a controlled group. If the holding company owns 80% or more of the subsidiary,...

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What Happened To All of Those ERTC Claims?

sarahmckinley0811

Oct 41 min read

What Happened To All of Those ERTC Claims?

The Employee Retention Tax Credit was part of the COVID relief packages passed by Congress. These claims were made by small businesses...

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The 7 Basic Rules For Deducting Business Auto Expense

sarahmckinley0811

Oct 41 min read

The 7 Basic Rules For Deducting Business Auto Expense

You should at least consider these issues when deciding whether to use the standard mileage rate or actual expense: a) The fuel...

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sarahmckinley0811

Sep 241 min read

Business Tax Return Deadline

Extension Filing Deadline Information

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Northside Tax Service Notes to Business Owners

sarahmckinley0811

Sep 211 min read

Northside Tax Service Notes to Business Owners

Just 4 Concise Things for Today Payment card settlement On December 13, 2019, the Court granted a $5.54B class action settlement with...

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sarahmckinley0811

Aug 301 min read

Still Got Tax Questions?

We’ve got answers. If you have any questions, or need to discuss a tax situation for this year or next, then please contact us. We can...

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