Trump Bill makes many deductions permanent

After months of debate, the law known as the One Big Beautiful Bill Act was enacted on July 4. It includes favorable changes that will affect individuals and businesses. It makes permanent and expands many tax provisions that were scheduled to expire at the end of the year. For example, the 2025 standard deduction is […]

Your IRA can help with more than retirement

If you have a traditional or Roth IRA account, you’re likely familiar with its retirement-saving benefits. What you may not know is that funds in your IRA can be used to purchase your first home or fund your child’s higher education expenses. Indeed, exceptions for IRA withdrawals allow you to take a penalty-free distribution of […]

Trump Accounts

The One, Big, Beautiful Bill includes a new, tax-friendly provision that would benefit babies born between Jan. 1, 2025, and Dec. 31, 2028, who are U.S. citizens. The so-called Trump Accounts are government-funded with $1,000 when parents open them. A maximum of $5,000 can be contributed to a Trump Account during any given year. The […]

The U.S. Senate passes its version of President Trump’s tax bill

The U.S. Senate passed its version of The One, Big, Beautiful Bill (OBBB) by a vote of 51 to 50 on July 1. (Vice President J.D. Vance provided the tiebreaking vote.) At its core, the massive bill is similar to the bill passed by the U.S. House of Representatives last May. It includes extensions of many […]

Deficit will increase with passage of Trump’s Tax Bill

In a 51-50 vote (with Vice President Vance as the tie breaker), the U.S. Senate passed President Trump’s tax bill on July 1. The bill will add at least $3.3 trillion to the federal deficit, $800 billion more than the U.S. House’s bill, according to the nonpartisan Congressional Budget Office. As expected, the Senate’s bill […]

Dispute with the IRS?

Taxpayers in a dispute with the IRS may want to explore mediation. Often referred to as “alternative dispute resolution,” mediation offers a faster, more streamlined, less stressful path to resolution. It’s a voluntary, nonbinding process, meaning both parties retain full control and aren’t required to accept the outcome. Mediation can help avoid lengthy appeals and […]

The House passes The One, Big, Beautiful Bill Act: An overview of its tax provisions

The U.S. House of Representatives passed its sweeping tax and spending bill, dubbed The One, Big, Beautiful Bill Act (OBBBA), by a vote of 215 to 214. The bill includes extensions of many provisions of the Tax Cuts and Jobs Act (TCJA) that are set to expire on December 31. It also includes some new and […]

Revenge Tax was cut from Bill

The One, Big, Beautiful Bill cuts one proposal. That’s Sec. 899, a proposal to increase taxes on individuals associated with countries that impose unfair taxes on U.S. companies. Sometimes called a “revenge tax,” it focuses mainly on areas such as digital service taxes and the global minimum tax developed by the Organization for Economic Cooperation […]

St Louis receives disaster declaration

The IRS recently declared disaster-related tax relief for St. Louis, MO, and areas surrounding the city for individual and business taxpayers affected by storms that began May 16, 2025. This is only one of many U.S. regions that have received tax deadline extensions and other considerations from the IRS in 2025. If you live in […]

The advantages of a living trust for your estate plan

Do you believe you don’t need to worry about estate planning because of the current federal estate tax exemption ($13.99 million per individual or $27.98 million for married couples in 2025)? Well, think again. Even with this substantial exemption, creating a living trust can offer significant benefits, especially if your goal is to avoid probate […]