News

Here’s an important tax planning strategy that can save you thousands in penalties if you’ve missed estimated tax payments for 2025. The Penalty Problem When you don’t make your 2025 estimated tax payments on time, the IRS charges a non-deductible 7 percent penalty that compounds daily. Because penalties are...

Are you involved in a dog breeding business or considering starting one? If so, you are in the IRS’s crosshairs. The IRS has long considered dog breeding to be an activity typically classified as a hobby, rather than a business, for tax purposes. When it comes to taxes, hobbies...

Since 2018, taxpayers have enjoyed significant tax benefits by investing capital gains in Qualified Opportunity Funds (QOFs). QOFs channel money into Qualified Opportunity Zones (QOZs)—government-designated low-income census tracts. Investors have embraced the program, pouring in more than $160 billion. The program was set to expire in 2026. However, the...

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...