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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...

Do you regularly earn overtime pay? If so, the One Big Beautiful Bill Act (OBBBA) may help lower your federal income tax bill. New Overtime Deduction Before 2025, the IRS taxed every dollar of your overtime pay as ordinary income. Beginning this year (2025) and continuing through 2028, the...

If you plan to buy equipment, furniture, computers, or other personal property for your business, the One Big Beautiful Bill Act (OBBBA) delivers great news. You can now deduct the full cost of such property in a single year—without limit. For manufacturers, the OBBBA goes even further by creating...

Starting in 2025, the One Big Beautiful Bill Act (OBBBA) increases and makes permanent the larger standard deductions introduced by the Tax Cuts and Jobs Act. The new standard deductions for this year (2025) are The IRS will adjust the amounts annually for inflation beginning in 2026. Additional deductions...

If you deduct mortgage interest, the One Big Beautiful Bill Act (OBBBA) brings some important updates. First, it permanently caps the mortgage interest deduction for interest on up to $750,000 of acquisition debt ($375,000 if married filing separately). Interest on home equity loans remains deductible only if the loan...

Are you at risk of paying the alternative minimum tax (AMT)? You might be—especially starting in 2026, thanks to recent changes under the One Big Beautiful Bill Act (OBBBA). While the AMT hasn’t affected most taxpayers in recent years, the new rules could change that. Here’s what you need...

Filing tax forms is never fun—but it’s important to stay ahead of changes that can reduce your reporting burden. If your business pays independent contractors (non-employees) for services, you are required to file IRS Form 1099-NEC if total payments exceed a specific threshold. For decades, this threshold has been...

Do you contribute to charitable organizations? If so, recent legislation—the One Big Beautiful Bill Act (OBBBA)—includes significant changes to the tax treatment of charitable donations, starting in 2026. Some are helpful, others less so, depending on your income and filing status. Good News for Non-Itemizers Currently, taxpayers who take...

If the $10,000 cap on state and local tax (SALT) deductions limits your write-offs, here’s good news: the One Big Beautiful Bill Act (OBBBA) temporarily increases the cap starting in 2025. From 2025 through 2029, you may deduct up to The limits adjust annually for inflation beginning in 2026....

If you will be age 65 or older on December 31, 2025, you have a new opportunity for tax savings. The One Big Beautiful Bill Act (OBBBA) created a new bonus tax deduction—available for seniors beginning this year (2025). You can claim this deduction whether or not you itemize....