Each year, hurricanes, floods, wildfires, and other natural disasters cause significant damage to homes and personal property across the U.S. If you suffered losses due to a qualifying disaster, you may be able to claim a casualty loss tax deduction. Recent legislation has made important changes to these rules, so understanding what qualifies — and how […]
Disaster Casualty Loss Deductions: Rules, Limits, and Examples Read More »
With 2025 now in the rearview mirror and the tax filing deadline approaching, businesses should begin organizing records related to deductible expenses for the 2025 tax year. However, determining which expenses qualify for a deduction isn’t always straightforward — and many taxpayers are surprised to learn that not all business-related costs are deductible. While business
Which Business Expenses Are Tax Deductible in 2025? Read More »
A new year brings updated tax figures for individual taxpayers. Many limits are adjusted annually for inflation and generally rise over time. For 2026, additional changes also take effect under the One Big Beautiful Bill Act, signed into law on July 4, 2025. Below is a summary of key deductions, contribution limits, and other important
2026 Individual Tax Changes: Deductions, Retirement Limits, and More Read More »
As a new year approaches, businesses need to stay informed about updated tax limits and thresholds that can affect deductions, retirement planning, and employee benefits. Below is a summary of key federal tax figures for 2026 that business owners should keep in mind. Note that special rules, exceptions, or additional limitations may apply depending on
Key Business Tax Limits and Thresholds for 2026 Read More »
Many people are familiar with Section 529 plans as a tax-advantaged way to save for education. Fewer realize there’s a similar option designed specifically to help individuals with disabilities save for qualified expenses. These are known as Achieving a Better Life Experience (ABLE) accounts. Recent legislation has expanded and strengthened ABLE accounts. The SECURE 2.0 Act, enacted
More Individuals Will Qualify for ABLE Accounts Starting in 2026 Read More »
An S corporation combines the tax advantages of a partnership with the liability protection of a corporation. However, this favorable tax status comes with strict eligibility and compliance requirements. Even an unintentional misstep can result in the loss of S corporation status, along with significant tax consequences. Ongoing diligence is essential to preserve these benefits. Understanding the Benefits
Avoiding Inadvertent S Corporation Termination: Key Compliance Tips Read More »
Beginning in 2026, taxpayers who itemize deductions and make charitable contributions will encounter new limitations on how much they can deduct. In some situations, two separate limits may apply. On a positive note, individuals who don’t itemize will once again be able to deduct certain charitable donations. Understanding these changes now can help you plan
How the 2026 Tax Law Changes Will Affect Charitable Donation Deductions Read More »
If your business employs workers or engages independent contractors, you have annual information reporting responsibilities. The One Big Beautiful Bill Act (OBBBA) introduces changes affecting these rules, but these will not take effect until the 2026 tax year. New Deductions for Tips and Overtime Income Between 2025 and 2028, the OBBBA establishes new deductions for
2026 Tax Year: Key Changes to Information Reporting Read More »
As the year wraps up, most people are busy with holiday shopping, charitable donations, and planning time with family. But if you’re an older taxpayer with one or more tax-advantaged retirement accounts—or a younger beneficiary who has inherited one—there’s another critical item to handle before December 31: taking your required minimum distributions (RMDs). Why Taking RMDs
RMD Checklist: What Retirees and Heirs Must Do Before December 31 Read More »
Businesses can generally deduct interest they pay or accrue, but federal tax rules limit how much can be claimed each year. Recent changes under the One Big Beautiful Bill Act (OBBBA) will allow many companies to take larger interest deductions starting in 2025. Understanding the Limitation Rules General 30% ATI Limitation Business interest expense is typically capped at 30% of
OBBBA Act: Bigger Business Interest Deductions Starting in 2025 Read More »