Hidden in the Fine Print: Firearm Suppressor Tax Repealed

One provision of the One, Big, Beautiful Bill Act you probably haven’t heard much about is a repeal of the long-standing tax on firearm silencers or “suppressors.” For almost 100 years, suppressor buyers were required to purchase a federal tax stamp, currently for $200. The Senate Parliamentarian originally objected to Congressional Republicans’ attempts to use […]

QuickBooks users: It’s time for a mid-year review

Performing a mid-year QuickBooks® cleanup is a smart habit that small business owners and bookkeepers can adopt to stay ahead of their financial responsibilities. Waiting until year end to review your accounting records can lead to unnecessary stress, missed deductions and preventable errors. When you need to update your QuickBooks lists — such as the […]

Think Your Microcaptive Is Deductible? The Tax Court Disagrees

A microcaptive arrangement is a type of self-insurance that allows businesses to form their own small insurance companies to insure risks specific to the businesses. In a new case, the U.S. Tax Court ruled that a married couple wasn’t allowed to deduct insurance premiums paid to a microcaptive arrangement. The premiums were paid by an […]

How to Rein in the National Debt

How to Rein in the National Debt https://taxfoundation.org/research/all/federal/us-debt-deficits-federal-budget-spending-taxes/

Not just anyone can file a federal tax return as Head of Household

Not just anyone can file a federal tax return as Head of Household – Test your knowledge with this quiz.

Cigarette Taxes and Cigarette Smuggling by State

Cigarette Taxes and Cigarette Smuggling by State https://bit.ly/4lmJiHD

From $10M to $15M Tax-Free — Here’s What Changed

A tax break in the One, Big, Beautiful Bill Act is a boon for founders of successful startup businesses. Before the new law, the qualified small business stock exclusion generally enabled early investors (who acquired stock when a company was worth less than $50 million) to pay no tax on the first $10 million in […]

Separated or Divorced? Here’s What It Means for Your Taxes

If a couple gets separated or divorced, it affects tax obligations. The IRS considers couples married for tax purposes until a final decree is issued. After separating or divorcing, update your Form W-4 with your employer and check withholding using the IRS estimator. Certain alimony payments may be deductible by the payer and taxable to […]

How will the One, Big, Beautiful Bill Act affect individual taxpayers?

The One, Big, Beautiful Bill Act (OBBBA) includes, among many other things, numerous provisions that can affect an individual’s taxes. The new law makes some changes to existing tax breaks that will be significant to many, but not all, taxpayers. It also creates new breaks that, again, will be significant to certain taxpayers. Finally, it […]

New Law Makes Part of the Adoption Credit Refundable — Finally!

Adopting a child is expensive, but adoptive parents may qualify for a tax break to offset some of the costs. Under the One, Big, Beautiful Bill Act (OBBBA), the tax break got better for some parents. For 2025, the maximum adoption credit is $17,280 of qualified expenses, with phaseouts for higher-income parents. Under prior law, […]