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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The start of a new year brings updated tax-related figures that businesses should keep in mind. Below is a summary of the key numbers for 2026. Note that exceptions, special rules, or additional limits may […]
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Beginning in 2026, more individuals with disabilities will be eligible to open tax‑advantaged ABLE accounts. These accounts, similar to Section 529 college savings plans, allow families and individuals to save for qualified disability expenses while […]
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An S corporation offers the tax advantages of a partnership combined with the liability protection of a corporation. However, strict IRS requirements mean that maintaining S corporation status requires careful attention and ongoing compliance. Benefits […]
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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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