Married couples filing their 2025 federal income tax returns face an important choice: file jointly or separately. This decision impacts your standard deduction, eligibility for tax credits, tax bracket, and overall liability. The right option […]
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Tax Credits vs. Deductions: Why Credits MatterTax credits reduce your tax liability dollar‑for‑dollar, making them more powerful than deductions, which only lower taxable income. One credit that small businesses often overlook is the health care […]
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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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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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