If you participate in an employer-sponsored flexible spending account (FSA) for health or dependent care expenses, now is the time to review your remaining balance. FSAs offer valuable tax savings — but most require you to use your funds by the end of the year or lose them. Here’s a quick refresher on the rules […]
Don’t Lose Your 2025 FSA Money: What to Do Before Year-End Read More »
When you’re planning to sell your business or acquire another company, taxes can significantly affect both the structure and financial outcome of the deal. Understanding the potential tax implications early can make the difference between a smooth transaction and costly surprises. Asset Sale vs. Stock Sale From a tax perspective, mergers and acquisitions are typically
Tax Implications to Consider Before Buying or Selling a Business Read More »
Are you planning to make financial gifts to family members or other loved ones? If you also want to reduce the tax hit from appreciated investments, consider gifting stock instead of cash. With the right approach, you may be able to eliminate federal tax on the appreciation — or at least reduce it significantly. Leveraging
Reduce Capital Gains Tax by Shifting Income to Loved Ones Read More »
The Social Security Administration has announced the 2026 wage base, and it’s set to rise again. Let’s break down what this means for both employees and self-employed individuals — and how it will impact your payroll taxes next year. FICA Tax Basics The Federal Insurance Contributions Act (FICA) imposes two main payroll taxes on wages and self-employment income:
The 2026 Social Security Wage Base Explained for Employees and Self-Employed Read More »
Health care costs keep climbing, making it essential to find ways to manage expenses wisely. One increasingly popular option is pairing a high-deductible health plan (HDHP) with a Health Savings Account (HSA). This combination offers lower monthly premiums and a tax-advantaged way to pay for medical costs. Let’s explore how this strategy works and whether it could be a smart
Is an HDHP with an HSA the Smartest Health Care Move for You? Read More »
As the year comes to a close, now is the perfect time to review your business expenses and determine which costs are deductible. Accelerating deductible expenses into this year can help reduce your 2025 tax bill — and in some cases, even create permanent tax savings. It’s also essential to understand how the One Big Beautiful Bill Act (OBBBA) affects
Year-End Tax Planning: Deductible Business Expenses You Should Review Now Read More »
If you pay more than $10,000 in state and local taxes (SALT), a new provision in the One Big Beautiful Bill Act (OBBBA) could significantly reduce your 2025 federal income tax bill. However, income-based limits apply — and taking the right steps before year-end could help you maximize your deduction. What Is the SALT Deduction? SALT deductions include state and local
2025 SALT Deduction Cap Increase: How to Save More on Your Taxes Read More »
Commercial real estate is typically depreciated over 39 years, but certain interior improvements qualify for accelerated depreciation or even full immediate expensing. These improvements, known as Qualified Improvement Property (QIP), can offer significant tax savings — but claiming the biggest first-year deduction isn’t always the best strategy. What Counts as Qualified Improvement Property (QIP)? QIP refers to improvements made to the interior of
Should You Maximize Qualified Improvement Property Deductions or Spread Them Out? Read More »
Supporting your favorite charities is about making a difference — but that doesn’t mean you can’t also enjoy some valuable tax benefits. If you donate long-term appreciated stock instead of cash, you could significantly increase your tax savings. Why It’s More Than Just a Deduction Appreciated publicly traded stock held for more than one year qualifies as long-term capital
Everything You Need to Know About Donating Appreciated Stock Read More »
A New Tax Break for Seniors: The OBBBA Senior Deduction Beginning in 2025 and lasting through 2028, individuals age 65 and older can claim a new “senior deduction” of up to $6,000 under the One Big Beautiful Bill Act (OBBBA). For married couples filing jointly, that’s up to $12,000 in additional deductions — a welcome boost for retirees on fixed
Maximize the New Senior Tax Deduction Read More »