IntroductionTrump Accounts (TAs) are a new tax-advantaged savings tool created under the One Big Beautiful Bill Act (OBBBA). They are designed to help children build long-term savings. Eligible children born between 2025 and 2028 can […]
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IntroductionIf you’re self-employed or own a business, there’s still time to set up a Simplified Employee Pension (SEP) and reduce your 2025 tax bill. SEPs are easy to establish, offer generous contribution limits, and allow […]
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IRS Filing Season StartThe IRS will begin accepting 2025 individual income tax returns on January 26, 2026. This start date is consistent with last year, even though IRS staffing has been reduced. Filing Deadlines W-2s and […]
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This year, the usual January 31 deadline for furnishing information returns falls on a Saturday. That means the next business day — February 2, 2026, Groundhog Day — is the official deadline. W-2s for EmployeesBy […]
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If you had substantial medical costs last year, you may be asking whether they can reduce your tax bill on your 2025 income tax return. While the medical expense tax deduction can be valuable, income thresholds […]
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If you run a business as a partnership, an LLC taxed as a partnership, or an S corporation, you’re operating what’s known as a “pass‑through” entity. These businesses don’t pay federal income tax directly. Instead, […]
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Millions of taxpayers face losses each year from severe storms, floods, wildfires, and other disasters. If your home or personal property has been damaged, you may qualify for a casualty loss tax deduction. Recent legislation […]
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With 2025 behind us and the tax filing deadline approaching, now is the time for businesses to review which expenses qualify as deductions. The rules aren’t always straightforward, and what counts as deductible may surprise […]
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Each year, tax figures are adjusted for inflation, and 2026 brings additional changes under the One Big Beautiful Bill Act, signed into law on July 4, 2025. Below is an overview of the most important […]
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