Standard Deduction vs. ItemizingWhen filing your individual income tax return, one of the biggest decisions is whether to claim the standard deduction or itemize. The One Big Beautiful Bill Act (OBBBA) has changed the landscape […]
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The deadlines for filing 2025 tax returns (or extensions) are quickly approaching. While most tax planning strategies must be completed by December 31 of the tax year, some important decisions can still be made when […]
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Before claiming a charitable deduction on your 2025 tax return, make sure you have the right documentation. If you itemize deductions, you may be able to deduct donations made to qualified charities last year. However, the […]
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Did your company handle repairs on tangible property — such as buildings, equipment, or vehicles — during 2025? Many of these costs may be fully deductible on your 2025 tax return, provided they don’t qualify as “improvements” […]
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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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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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Significant updates to charitable contribution rules will take effect in 2026, impacting how both itemizers and nonitemizers claim deductions. While some taxpayers will face new limits, others — particularly those who take the standard deduction […]
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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 […]
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Businesses can generally deduct interest paid or accrued for federal tax purposes, but limits apply. Starting in 2025, changes under the One Big Beautiful Bill Act (OBBBA) will allow larger deductions for many taxpayers. Understanding […]
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