TAXPAYER RESOURCES

With tax laws changing every year, completing your returns can be confusing and frustrating.

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Tax news and updates for individuals, families, and entrepreneurs

Our team of tax experts has the solutions to make your next filing a little easier — and that insight is just a click away. Browse our archive of tax-related posts below, and click the button to sign up for our newsletter and updates.

Clothing is among tax-free items July 28-30.

Yes, you can stop paying taxes (for a few days)

Jul 25, 2023

Tennessee’s annual sales tax holiday weekend is July 28-30, 2023, followed by a new three-month grocery tax holiday that starts August 1.

Optimize your retirement savings one small step at a time.

Retirement account catch-up contributions add up

Jul 19, 2023

If you’re eligible and not making catch-up contributions to your retirement plan, you’re missing out on building more tax-favored savings.

Avoid IRS scams in the form of texts and emails

Be wary of IRS emails and texts: They’re fake

Jul 10, 2023

Criminals keep coming up with new ways to try and steal information from taxpayers. Here are a few of their scams and how you can avoid them.

TFRP can pack a mean, costly punch

Jun 26, 2023

The Trust Fund Recovery Penalty is personally imposed on business owners and managers when employment taxes aren’t paid to the government. Here are the rules, along with two cases where individuals were held liable for the harsh penalty.

Pros and cons of real estate depreciation deductions

Jun 13, 2023

If your business has the option to deduct real estate expenses or depreciate them over several years, the decision might seem simple. But there are multiple factors to consider.

Estate planning can keep assets out of probate

Living trust could keep your estate out of probate

May 30, 2023

You’ve probably heard that probate should be avoided in estate planning. But what does that mean, and how is it done?

Cash flow reporting can provide valuable information for shareholders.

Classifying cash flows doesn’t have to be confusing

May 25, 2023

The guidance on classifying cash flows among operating, investing, and financing activities remains a gray area – even more confusing when transactions have aspects of more than one type of activity.

The IRS has different requirements for businesses that hire contractors and employees.

Contractor or employee? Know the differences

May 22, 2023

These days, more businesses are filling vacant positions and saving money by using independent contractors. Knowing the basic rules can keep you out of trouble with the IRS.

Don't let tax issues after retirement spoil your dream of quiet sunsets on the beach.

Retiring soon? Tax challenges might be ahead

May 19, 2023

Don’t ignore tax planning as work slows and retirement gets closer. There could be a new set of tax challenges around the corner.

"We saved one client $700,000 using R&D credits — credits that the company’s previous CPA told them they were not eligble to claim. We stay on top of the latest tax laws to help clients reduce their taxes.”

Mark Patterson, KraftCPAs Tax Services

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