Accounting News

Investing in a Limited Partnership? Beware of the PAL Rules

In businesses structured as limited partnerships, the advantage of being a limited partner (as opposed to a general partner) is that you’re typically not personally liable for the partnership’s debts. This is why many ventures use limited…
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Accounting News

2026 Midyear Tax Planning Tips for Individuals

Summer may feel far removed from tax-filing season. But for strategic taxpayers, it’s a great time to gather information and plot moves that may pay off when they file their 2026 return. Here are some…
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Accounting News

Midyear Tax Planning for Noncorporate Small Business Owners

If you operate your small business as a sole proprietorship or a single-member limited liability company (LLC) treated as a sole proprietorship for tax purposes, paying close attention to the individual federal income tax regime…
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Accounting News

Tax Planning After the Loss of a Spouse

The death of a spouse is, first and foremost, a profound personal loss with intense emotional and psychological impact. But it can also bring about major financial changes at a difficult time. One that many…
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Accounting News

After-tax-day tips

It’s never too early to organize your tax documents With the April 15 tax filing deadline in the rearview mirror, you’re likely to turn your attention to other things. But before you do, it’s in your…
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Accounting News

Why Now Is a Good Time to Review Your Withholding

Filing your 2025 federal income tax return can provide valuable insights to help with 2026 tax planning. For example, if you receive a large refund or owe significant taxes for 2025, you can benefit from…
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Accounting News

4 Types of Deductible Interest Expense for Individuals

How can you deduct interest expense on your 2025 individual federal income tax return and beyond? Let us count the ways. Although personal interest expense isn’t deductible in general — for example, you can’t deduct…
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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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