Accounting News

New provisions for 2026 may affect your tax planning

Tax law changes under the One Big Beautiful Bill Act require you to revisit (and potentially revise) your 2026 tax strategies The many tax-related provisions that went into effect last year after the One Big…
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Accounting News

What Parents Need to Know About the Kiddie Tax

If you’re a parent of minor children or of one or more college students, you’re likely thinking about them as you prepare to file your 2025 federal tax return or begin tax planning for 2026.…
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Are You Up to Speed on the Auto Loan Interest Deduction?

The One Big Beautiful Bill Act (OBBBA), enacted in the summer of 2025, includes a new temporary federal income tax deduction for auto loan interest. On January 2, 2026, the IRS published in the Federal…
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Accounting News

Deducting Personal Theft Losses Will Soon Get a Little Easier

If you’re unlucky enough to suffer a personal theft loss, you may be entitled to a federal income tax deduction. Or you may not. The rules are complex, but there’s some good news: Last year’s…
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Are You Ready for the New Roth Catch-Up Contribution Rules?

Catch-up contributions have long been a way for taxpayers to put more dollars into their retirement accounts as they get older. But the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, enacted in…
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Guidance on calculating tips and overtime deductions for 2025

The One Big Beautiful Bill Act (OBBBA) creates new income tax deductions for tax years 2025 through 2028 for qualified cash tips and overtime compensation. If you receive tips or overtime pay, you likely have…
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Strategies for Saving: Year-End Tax Planning for Individuals

Year end is here, but there’s still time for individual taxpayers to make moves to lower their 2025 tax bills. The One Big Beautiful Bill Act (OBBBA), which became law in July, provides some welcome…
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6 Year-End Small Business Tax Saving Tips

There’s still time for small businesses and their owners to implement strategies to save taxes for 2025. Traditional strategies continue to be valuable, but the One Big Beautiful Bill Act (OBBBA) includes several changes that…
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Year-end tax planning strategies for Business

Minimize your business’s 2025 federal taxes by implementing year-end tax planning strategies The One Big Beautiful Bill Act (OBBBA) shifts the landscape for year-end tax planning. The law has significant implications for some of the…
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QCDs Can Be a Tax-Savvy Move for Seniors

For some time now, individuals age 70½ and older have been able to transfer funds directly from a traditional IRA to an IRS-approved charity. However, with the enactment of the One Big Beautiful Bill Act…
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