Online Gambling Taxes: Federal Reporting, W-2G rules, Loss Deductions and Form 1040 Reconciliation
Online gambling and sports betting have become increasingly popular, but the federal tax rules can be confusing. For taxpayers using…
Understanding Fringe Benefits vs. Guaranteed Payments for Partners
For partners in a partnership, LLC taxed as a partnership, or similar pass-through business, compensation and benefits can be more…
Understanding Required Minimum Distributions (RMDs): What You Need to Know and When to Take Them
As you approach retirement, understanding the rules surrounding Required Minimum Distributions (RMDs) is an important part of retirement and tax planning. RMDs…
Navigating Common Tax Issues for Farmers: A Guide to Smarter Farm Tax Planning
Farming is more than a business—it’s a way of life. But managing the financial and tax side of an agricultural…
Why Updating Your Form W-4 Can Help You Avoid a Tax Surprise
At Aim Financial, we encourage our tax clients to review their federal income tax withholding whenever their financial or employment…
Applying the Partnership Distribution Framework: Understanding Section 732 and Preparing Form 7217
Applying the Partnership Distribution Framework: Understanding Section 732 and Preparing Form 7217 Partnership property distributions have long required careful…
Can Real Estate Investors Deduct Interest on a Home Equity Line of Credit?
For many real estate investors, a home equity line of credit (HELOC) is one of the most flexible and cost-effective…
Roth vs. Traditional IRA
Choosing between a Roth IRA and a Traditional IRA is one of the most important retirement planning decisions you can…
Understanding the Net Investment Income Tax (NIIT)
When preparing your federal income tax return, it’s important to understand that some taxpayers may be subject to an additional…
What the “One Big Beautiful Bill” Could Mean for Your Taxes
Tax laws are constantly changing, and keeping up with new legislation can be overwhelming. One of the most talked-about pieces…
