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 can be an effective and often overlooked tool to help build retirement savings for both partners — even if only one spouse is employed. It’s worth […]
Read More Understanding spousal IRAs: A smart retirement strategy for couplesA new report from Yale’s Budget Lab (https://bit.ly/3HaEkQu ) claims that the “no tax on” provisions in the One Big Beautiful Bill Act will, for many people, increase the time required to prepare tax returns. This affects those who are no longer required to pay tax on a limited amount of tips, overtime and auto […]
Read More New Legislation May Complicate Recordkeeping for Many TaxpayersThe year is more than halfway over, so now is a great time to consider ways to reduce your 2025 tax bill. If you’re age 70½ or older and own or are the beneficiary of an IRA, here’s one strategy to explore: donating up to $108,000 directly from your IRA to IRS-qualified charities (or up […]
Read More Cut Your 2025 Tax Bill with This IRA StrategyThe One, Big, Beautiful Bill Act (OBBBA) was signed into law on July 4. The new law includes a number of favorable changes that will affect small business taxpayers, and some unfavorable changes too. Here’s a quick summary of some of the most important provisions. First-year bonus depreciation The OBBBA permanently restores the 100% first-year […]
Read More Significant business tax provisions in the One, Big, Beautiful Bill ActEmployers seeking to offer family-friendly benefits may want to consider flexible spending accounts (FSAs) for dependent care. These FSAs let employees make pre-tax contributions through payroll withholding to help cover eligible expenses. Thanks to the recently passed One, Big, Beautiful Bill Act, the annual contribution limit, currently $5,000, will rise to $7,500 in 2026. FSA […]
Read More $7,500 in Tax-Free Childcare? It’s Coming in 2026One 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 […]
Read More Hidden in the Fine Print: Firearm Suppressor Tax RepealedPerforming 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 […]
Read More QuickBooks users: It’s time for a mid-year reviewA 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 […]
Read More Think Your Microcaptive Is Deductible? The Tax Court DisagreesHow to Rein in the National Debt https://taxfoundation.org/research/all/federal/us-debt-deficits-federal-budget-spending-taxes/
Read More How to Rein in the National DebtNot just anyone can file a federal tax return as Head of Household – Test your knowledge with this quiz.
Read More Not just anyone can file a federal tax return as Head of Household
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