Dent Moses Blog

BOI Reports Now Due by March 21, 2025

A recent court ruling means businesses must file their Beneficial Ownership Information (BOI) reports under the Corporate Transparency Act (CTA). New Deadlines: Most businesses must file by March 21, 2025, if you have not already filed. New businesses (formed on or after Feb. 18, 2025) must file within 30 days of creation. Businesses with disaster…
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Itemized Deductions A-Z Series – Full Series of Posts

This series is intended to cover the most common deductions. Please keep in mind that there are always exceptions; what’s more, your situation or facts may be different from someone else. We recommend that you consult with your tax advisor before taking any action. Part 1: The Basics Part 2: Deductions and Medical Expenses Part…
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Itemized Deductions Series – Part 7: Job Expenses and Miscellaneous Deductions

The 2017 Tax Cuts and Jobs Act suspended miscellaneous itemized deductions for federal tax purposes; however, they are still available as itemized Alabama deductions. To be deductible in Alabama, the total must exceed 2% of your adjusted gross income. So, if your total 2024 Alabama income is $100,000, only those expenses exceeding the $2,000 floor…
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Itemized Deductions Series – Part 6: Casualty & Theft Losses

A casualty or theft loss is allowed only if the property is located within an area officially declared a federal disaster area. All emergency and major disaster declarations are made solely at the discretion of the President of the United States as provided by the Robert T. Stafford Disaster Relief and Recovery Act. In order…
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Itemized Deductions Series – Part 5: Contributions & Charitable Giving

Contributions First, let’s look at what type of organization qualifies to receive deductible contributions. The organization has to be a domestic nonprofit that operates for religious, scientific, charitable, or other qualifying purposes. A trust, community foundation or other organizations could qualify as well. If you don’t know and want to ensure your contribution qualifies, research…
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Itemized Deductions Series- Part 3: Deduction for Taxes

Generally, state and local taxes, real estate taxes, personal property taxes and foreign taxes (real property and income taxes) are all deductible but could be limited. The Tax Cuts and Jobs Act capped the total federal deduction for state and local taxes to a total of $10,000. Let’s look at each line of the taxes…
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Itemized Deductions Series – Part 4: Deducting Mortgage Interest & Investment Interest

Mortgage interest for up to two residences is deductible on Federal Schedule A. If you have a third home, the interest might be deductible as business or investment interest, depending upon the use of the proceeds, which we’ll discuss later. A loan that is used to buy, improve or construct a first or second home…
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Itemized Deductions Series – Part 2: Deductions and Medical Expenses

When evaluating the tax benefit of medical expense payments, it is important to know that you must incur significant medical expenses before the first dollar becomes deductible. On Federal, taxpayers must meet a 7.5% of adjusted gross income (AGI) threshold before they receive any benefit. So, for a taxpayer with $200,000 of income, uncovered medical…
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Itemized Deductions Series – Part 1: The Basics

Itemized Deductions:  From Common and Easy to Unusual and Tricky For most taxpayers, questions about what is deductible far outnumber the questions about what is taxable. Why? Most income is reported on standard documents —W-2’s, K-1’s and 1099’s. The recordkeeping for deductions mainly falls on the taxpayer. While certain deductions are reported on IRS forms…
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