WealthPath CPA Insights

Unlike business owners and independent contractors, W-2 employees and their CPAs have far fewer tools available when it comes to creative strategies to offset income and reduce overall tax liability. In fact, since the passage of the Tax Cuts and Jobs Act (TCJA), employees are no longer permitted to deduct unreimbursed employee business expenses at the federal level. While some states continue to allow a deduction for these expenses, this benefit has become increasingly limit

Every year around tax time, taxpayers are faced with the same familiar question: Am I maximizing my tax deductions? For individuals with relatively simple tax situations, this often means double-checking whether itemizing deductions makes sense, confirming all eligible dependents are being claimed, or ensuring withholding on your tax return matches Form W-2. However, in more complex situations, particularly for business and rental property owners, maximizing deductions isn’t

As we enter a new year, many of us take time to reflect on the past and set intentions for what’s ahead. New Year’s resolutions often focus on health, family, or career goals, but this is also one of the most important moments of the year for tax planning. While April 15 may feel like the focal point of the tax calendar, the reality is that the most impactful tax decisions are made long before a return is ever filed. Today matters far more for your future tax outcome than any