Small Business Tax Planning Tips
The One Big Beautiful Bill Act (OBBBA), which became law on July 4, 2025, includes many favorable changes that will help small businesses and their owners. But it's not [...]
New Tax Rules Have Been Set: Start Planning Now
Individual taxpayers faced significant tax planning uncertainty for the first six months of the year. Many provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) were scheduled to [...]
Teachers and Others Can Deduct Eligible Educator Expenses This Year — and More Next Year and Beyond
At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new [...]
Hobby-Related Loss Deductions Are Disallowed, but Don’t Give Up Hope
Let's say you have an unincorporated sideline activity that you think of as a business, including an activity involving horses. If you have a net loss (deductible expenses exceed [...]
Claiming Bad Debt Loss Deductions
The issue of individual taxpayers deducting bad debt losses has historically been a source of tension with the IRS. Here's what you need to know to get the best [...]
Can I Itemize Deductions On My Tax Return?
You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because [...]
Financial Relief for Families: The Benefits of the Child Tax Credit
The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or you’ve benefited from it [...]
Ready, Set, Fire: 8 Tax Deductions You Might Not Know About
Years ago, many taxpayers itemized deductions instead of claiming the standard deduction. But fewer taxpayers are itemizing today due to a bevy of changes in the Tax Cuts and Jobs [...]
The Standard Business Mileage Rate Increased in 2025
The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating [...]
Business Owners Beware of the Limits on Deducting Losses
Even successful businesses occasionally incur losses. Start-ups and expanding businesses often have unprofitable years, and unexpected events like pandemics can knock companies that have been financially healthy for years for [...]
When Can You Deduct Business Meals and Entertainment?
You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s take a look at [...]
Your Guide to Medicare Premiums and Taxes
Medicare health insurance premiums can add up to big bucks — especially if you’re upper-income, married, and you and your spouse both pay premiums. Read on to understand how [...]
To Itemize or Not to Itemize?
With the tax year winding down, it's time to evaluate your personal tax situation. Will you claim the standard deduction or itemize deductions on your 2024 tax return? The [...]
Bunching Charitable Donations to Maximize Your Tax Benefits
The Tax Cuts and Jobs Act (TCJA) virtually doubled the standard deduction through 2025. So fewer taxpayers are itemizing deductions these days. Instead, more people are claiming the standard deduction. [...]
Company Holiday Parties: Celebrate the Tax Breaks
Are the costs of holiday parties tax deductible? Despite a recent crackdown on business entertainment expense deductions, your company's holiday bash may still qualify for write-offs for the 2024 tax [...]