Don’t Overlook the Kiddie Tax in Your Year-End Planning

As the fall season begins, thoughts turn to year-end tax planning. An overlooked area of the tax code is the “kiddie tax.” It generally applies to most unearned income of children under age 19 and of full-time students under age 24 (unless the students provide more than half of their own support from earned income). […]

2026 Tax Calculator: How the One Big Beautiful Bill Act’s Tax Changes Will Affect You

2026 Tax Calculator: How the One Big Beautiful Bill Act’s Tax Changes Will Affect You https://bit.ly/3VNOavi

Thinking of Donating to Charity? 2025 Is the Year to Do It

The last quarter of 2025 is nearly here. It’s a time when many people determine their year-end charitable donation strategy. In light of changes under the new tax law, it might be smart to rethink your 2025 giving. Beginning in 2026, you can deduct donations only to the extent they exceed 0.5% of your adjusted […]

New IRS Rule Lets Tip Earners Deduct Up to $25K—Find Out If You Qualify

IRS guidance is now available for the new tax deduction for workers who earn tips. The proposed regulations identify eight categories of jobs that qualify for the tip deduction. They include food service and hospitality workers, gambling dealers, home maintenance workers, golf caddies, and many others. “Qualified tips” are tips paid in cash or a […]

Investing in qualified small business stock now offers expanded tax benefits

By purchasing stock in certain small businesses, you can diversify your investment portfolio. You also may enjoy preferential tax treatment, some of which is getting even better under the One Big Beautiful Bill Act (OBBBA) that was signed into law in July: Qualified small business (QSB) stock now offers more tax-saving opportunities. QSB defined A […]

Yes, You Can File a Complaint About the IRS—Here’s How

Most IRS employees you might come in contact with are professionals committed to problem-solving and fair outcomes. However, there may be some bad apples. What should you do if you have a complaint about an IRS employee or the way an issue is being handled? The IRS instructs taxpayers to contact the Treasury Inspector General […]

Seniors, Tip Earners, Car Loan Payers — This Tax Update’s for You

Certain taxpayers will claim deductions made available by the One Big Beautiful Bill Act on a new tax form. These include new deductions for seniors, those who earn tips or overtime, and taxpayers who pay eligible interest on car loans. The IRS has released a draft of the new Schedule 1-A, Additional Deductions (https://bit.ly/4nkYaZ1). It’s […]

Divorcing as a business owner? Don’t let taxes derail your settlement

Divorce is stressful under any circumstances, but for business owners, the process can be even more complicated. Your business ownership interest is often one of your largest personal assets, and in many cases, part or all of it will be considered marital property. Understanding the tax rules that apply to asset division can help you […]

Fed Lowers Benchmark Rate Amid Cooling Labor Market

For the first time this year, the Federal Reserve has approved an interest rate cut. The Fed opted for a quarter-point reduction to the central bank’s benchmark rate. The rate range is now set at 4% to 4.25%. According to Fed Chair Jerome Powell, one reason for the reduction is that “the labor market is […]

Crunch Time on Capitol Hill: PTCs Hold Up Government Funding Deal

A Sept. 30 deadline to fund the government for fiscal year 2026 is approaching. Republican lawmakers introduced a continuing resolution (CR) to fund the government until Nov. 21, 2025. A sticking point is that many Democrats and some Republicans want to extend an enhancement to the Affordable Care Act’s Premium Tax Credits (PTCs). Beginning in […]