How much will deficit rise under proposed tax bill?

Many economic analysts forecast that the U.S. House’s One, Big, Beautiful Bill would increase federal debt, but there’s disagreement over the amount. The Congressional Budget Office has projected that the bill would result in a $2.3 trillion deficit over 10 years. However, the Penn Wharton Budget Model (PWBM) puts the figure at $2.8 trillion, and […]

The “wash sale” rule: Don’t let losses circle the drain

Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm account, the good news is that you may be able to harvest a tax-saving capital loss by selling the loser security. However, for federal income tax purposes, the wash […]

IRS publishes annual data book

The IRS has published its annual Data Book for fiscal year (FY) 2024. It provides a statistical overview of the tax agency’s operations. A few highlights: In FY 2024, for the first time, revenue collected exceeded $5 trillion ($5.1 trillion), an increase of almost 9% compared to FY 2023’s total of $4.7 trillion. Note: Revenues […]

Tariff plan faces setback in Court

President Trump’s trade war has suffered a major setback. The U.S. Court of International Trade ruled that the Trump administration overstepped its authority by invoking the International Emergency Economic Powers Act to impose tariffs on imports from U.S. trading partners. The court ordered a halt to most of Trump’s tariffs and further barred future modifications. […]

Back to basics: A practical playbook for reporting PPE

Under U.S. Generally Accepted Accounting Principles (GAAP), property, plant and equipment (PPE) assets aren’t immediately expensed. Instead, they’re capitalized on your company’s balance sheet and gradually depreciated over their useful lives. While that sounds easy enough, subtle nuances may trip up small businesses. Here are some tips to help get it right. Capitalize the full […]

The difference between a fradulent return and a abusive return

What’s the difference between a fraudulent tax return and one that’s “potentially abusive”? The IRS states that the latter is a return that a taxpayer is required to file, which isn’t fraudulent but may contain inaccuracies that could lead to understated income or overstated credits. A fraudulent return is one in which a person attempts […]

“Big Beautiful Bill” House GOP Tax Plan: Preliminary Details and Analysis

“Big Beautiful Bill” House GOP Tax Plan: Preliminary Details and Analysis https://bit.ly/4dYh58k

What’s better than a tax refund?

A donation for charity for those that don’t itemize in Tax bill

One of the lesser-known benefits of The One, Big, Beautiful Bill making its way through Congress is that it gives a boost to some charitable donors. Currently, donations to charity are only deductible by taxpayers who itemize deductions. If enacted, the bill would add a provision that lets non-itemizers deduct up to $150 for single […]

Overseas filing deadline approaching

If you live and work abroad, you have until Monday, June 16, 2025, to file your 2024 federal income tax return and pay any tax due. June 16 is actually an extended filing date. U.S. citizens (including military members) and resident aliens living and working outside the U.S., automatically receive a two-month extension from the […]