The Next Estimated Tax Payment Deadline is Coming Up Soon
If you make quarterly estimated tax payments, the amount you owe may be affected by the One Big Beautiful Bill Act (OBBBA). The law, which was enacted on July 4, 2025, introduces [...]
No Tax on Car Loan Interest Under the New Law? Not Exactly
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, [...]
7 Breaks for Families Under the New Tax Law
The One, Big, Beautiful Bill Act (OBBBA), which was enacted on July 4, generally extends and expands tax provisions that were scheduled to expire at year end. Here are [...]
FAQs About Reasonable Compensation for S Corporation Owners
Federal taxes are a major consideration when determining how to structure your business, and many business owners choose to operate as S corporations for their tax advantages. One upside [...]
What you Still Need to Know About the Alternative Minimum Tax After the New Law
The alternative minimum tax (AMT) is a separate federal income tax system that bears some resemblance to the regular federal income tax system. The difference is that the individual [...]
New Trustees’ Report: Social Security Benefits Update and the Tax Angles
The Social Security Board of Trustees recently released "The 2025 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust [...]
The New Law Includes Favorable Changes for Depreciating Eligible Assets
The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for [...]
What the New Tax Law Could Mean For You
As 2025 began, individual taxpayers faced uncertainty with several key provisions of the tax law that were set to expire at the end of the year. That changed on July [...]
Understanding Spousal IRAs: A Smart Retirement Strategy for Couples
Retirement planning is essential for all families, but it can be especially critical for couples where one spouse earns little to no income. In such cases, a spousal IRA [...]
Milestone Moments: How Age Affects Certain Tax Provisions
They say age is just a number — but in the world of tax law, it’s much more than that. As you move through your life, the IRS treats [...]
Shareholders Compensation vs Dividends: An Important Distinction for C Corporations
The IRS and closely held C corporations often disagree about the reasonableness of compensation paid to shareholder-employees. The company wants to classify payments to shareholder-employees as deductible compensation expense. [...]
Is college financial aid taxable? A crash course for families
College can be expensive. According to the College Board, the average sticker price for tuition and fees at private colleges was $43,350 for the 2024–2025 school year. The average [...]
Consider Tax-Saving Sec.1031 Exchange for Appreciated Real Property
Real estate values have surged in many areas. You might be considering selling an appreciated investment or business property that you think has topped out. But an outright sale [...]
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 [...]
Beware: M&A Activity Can Trigger Unexpected Tax Issues
The IRS has an Employee Plans Team Audit (EPTA) program to enforce the tax rules for employee benefit programs in large companies. According to the tax agency, one of [...]