​WHITNAH CPA

 

What content creators, freelancers, and small-business owners should know about business purpose, personal benefit, and documentation Key takeaway: Creating a post from an experience does not automatically convert the underlying cost into a business deduction. The taxpayer must show a primary business purpose, satisfy the applicable tax rules, and keep records that prove the amount and connection to the business. Social-media activity can be a legitimate trade or business, bu

The FinCEN BOI reporting requirements have permanently ended for U.S. companies and U.S. persons under the final rule effective August 14, 2026. FinCEN has finalized a major change to the Corporate Transparency Act’s Beneficial Ownership Information reporting requirements. Under a final rule effective August 14, 2026, U.S. companies and U.S. persons are permanently exempt from the federal BOI reporting requirements addressed by the rule. The final rule makes permanent exempti

The proposed IRS refundable tax credit rules could affect the refundable portion of several federal income tax credits. The IRS has issued proposed regulations that could affect the refundable portion of several federal income tax credits for individuals who do not meet the definition of a “qualified alien” under federal law. The proposal concerns the refundable portion of certain credits, including the Child Tax Credit, Earned Income Credit, American Opportunity Tax Credit,

The One Big Beautiful Bill: How Overtime Pay Is Changing

In a sweeping move set to reshape the U.S. tax landscape for years to come, the “One Big Beautiful Bill” has officially been signed into...

In May 2025, the U.S. House of Representatives narrowly passed a budget resolution, “The One, Big, Beautiful Bill Act” (OBBB), with vote...

A 529 Plan, often called a college savings pla n , is a tax-advantaged account designed to help families save for education expenses....

As summer approaches, many parents begin planning for their children’s summer activities. While summer camps offer invaluable...

Filing a tax return isn’t always the final step. Sometimes, life changes or honest mistakes require you to amend your return. But what...

Missed the April filing deadline? A number of options are available to help taxpayers who missed the April deadline to file their 2023...