News

If you’re age 70 1/2 or older, the IRS allows you to make charitable contributions directly from your IRA to approved organizations, such as your church.  These transfers, known as qualified charitable distributions (QCDs), have become even more powerful under the new One Big Beautiful Bill Act (OBBBA)—and could...

If you’ve ever suffered damage or theft from an event like a flood, fire, or burglary, you may wonder if you can claim a tax deduction for your loss.  Unfortunately, the rules for personal casualty and theft loss deductions remain very restrictive, even after the recently enacted One Big...

Are you considering cashing out your term life insurance policy? Unfortunately, selling a term life policy to investors is nearly impossible unless you are terminally ill and unlikely to outlive the policy. You do have one potential option: you could name a relative as the beneficiary in exchange for...

Here’s good news beginning in 2025. The One Big Beautiful Bill Act (OBBBA) permanently eases the rules that limit the deduction for business interest expense. Background The deduction for business interest expense is generally limited to the sum of You carry disallowed business interest forward to future years. While...

Congress recently passed the One Big Beautiful Bill Act, or OBBBA, which introduces a new tax deduction for tips beginning in 2025. This provision, called “No Tax on Tips,” sounds broader than it really is. The deduction is both temporary and limited in scope, and many tips will still...

Congress enacted the One Big Beautiful Bill Act, or OBBBA, in July. This law created a new deduction called the No Tax on Tips deduction. From 2025 through 2028, workers who regularly receive tips can exclude up to $25,000 of tips from their taxable income.  However, all tip income...

The One Big Beautiful Bill Act (OBBBA) makes significant changes to the educator expense deduction—for 2025 and beyond. If you are a teacher, a coach, a counselor, or some other school professional, here’s what you need to know to maximize your tax savings. Current Rule for 2025 For 2025,...

The One Big Beautiful Bill Act (OBBBA) introduced a brand-new savings vehicle: Trump Accounts. At first glance, they appear to be traditional IRAs, but they come with special rules for beneficiaries under the age of 18. Used wisely, they can provide a powerful head start on your child’s financial...

Do you like to gamble? If so, Congress has some bad news for you. The One Big Beautiful Bill Act (OBBBA), recently passed, limits how much you can deduct for gambling losses starting in 2026. Both casual and professional gamblers may deduct only 90 percent of their losses against...

Section 529 plan accounts—also called “qualified tuition plans” (QTPs)—have long provided a powerful tax-advantaged way to save for education expenses for children, grandchildren, and even yourself.  While contributions to these accounts are not federally tax-deductible, the money in them grows tax-free, and withdrawals remain tax-free when used for qualifying...

Do you own stock in a high-growth small business? Or are you a founder, an investor, or an employee of one? If so, you need to understand how the One Big Beautiful Bill Act (OBBBA) expands the tax benefits of qualified small business stock (QSBS). What QSBS Is “QSBS”...

The recently enacted One Big Beautiful Bill Act (OBBBA) includes several permanent changes that directly affect taxpayers who itemize deductions. Some provisions take away opportunities, while others preserve valuable tax breaks. Here’s what you need to know—and how you can plan to win. Permanent Repeal of Miscellaneous Itemized Deductions...