The 2026 Social Security wage base has been released. What’s the tax impact on employees and the self-employed? Let’s take a look. FICA tax 101 The Federal Insurance Contributions [...]
Now is a good time to review your business’s expenses for deductibility. Accelerating deductible expenses into this year generally will reduce 2025 taxes and might even provide permanent tax savings. [...]
As the year draws to a close, many businesses look for ways to recognize and thank their employees. From gift cards to holiday treats to service awards, the options [...]
Saving taxes probably isn’t your primary reason for supporting your favorite charities. But tax deductions can be a valuable added benefit. If you donate long-term appreciated stock, you potentially [...]
Approximately 1.3 million Americans live in nursing homes, according to the National Center for Health Statistics. If you have a parent moving into one, taxes are probably not on [...]
The qualified business income (QBI) deduction, which became effective in 2018, is a significant tax benefit for many business owners. It allows eligible taxpayers to deduct up to 20% [...]
The treatment of research and experimental (R&E) expenses is a high-stakes topic for U.S. businesses, especially small to midsize companies focused on innovation. As the tax code currently stands, [...]
In many types of businesses, it's common for employees to spend money on behalf of the company — such as for travel, client meals or supplies. How those expenses [...]
If you're in the middle of a divorce, you and your soon-to-be ex-spouse may want to determine how to handle any retirement accounts upon settlement of your financial matters. There [...]
Section 529 plans are most commonly used as a tax-favored way to save and pay for college expenses. You might be reluctant to open a 529 account for your [...]
Investing in a home brings tax benefits Purchasing a home is the most significant investment most people will make. Owning your home comes with valuable tax advantages that can [...]
Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax purposes. The new law changes that. Tip income deduction For [...]
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 [...]
Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, [...]
The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives [...]