DP Financial & Tax

When business owners think about risk, they often focus on market pressures or operational challenges. An IRS audit usually isn’t top of mind — but it can be costly, disruptive and time-consuming. Although some taxpayers are randomly selected for an audit, many audits occur because the IRS has identified certain patterns or inconsistencies. Understanding where these risks typically arise can help you limit your business’s exposure. 5 Key Audit Risk Areas The following risk ar

Tax season may seem like a once-a-year or once-a-quarter event, but preparing for it should be part of your routine throughout the year. Waiting until the final weeks before filing deadlines can create unnecessary stress, increase the risk of missing records, and make mistakes more likely. Understanding how to stay prepared throughout the year can help you approach tax season with greater confidence and fewer surprises. Many of the steps you take to improve your tax filing al

Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might be able to deduct your car loan interest. But various rules and limits apply. The Specifics The OBBBA allows eligible individuals, including those who don’t itemize deductions, to deduct some or all the interest