Health Insurance Enrollment is Open

Health insurance open enrollment begins Nov. 1. One option is a high-deductible health plan (HDHP) paired with a Health Savings Account (HSA). You fund the higher deductible by contributing pretax income to the HSA. The 2026 contribution limits are $4,400 for self-only accounts and $8,750 for family coverage. You can withdraw HSA funds tax-free to […]

IRS issues guidance for vehicle loan deduction

The IRS has issued transitional guidance to auto lenders required to report certain vehicle loan interest for 2025. Under the One Big Beautiful Bill Act, interest on qualified passenger vehicle loans originated after Dec. 31, 2024, generally is deductible up to $10,000. Lenders must provide eligible taxpayers with the appropriate information to claim the deduction […]

Evaluating business decisions using breakeven analysis

You shouldn’t rely on gut instinct when making major business decisions, such as launching a new product line, investing in new equipment or changing your pricing structure. Projecting the financial implications of your decision (or among competing alternatives) can help you determine the right course of action — and potentially persuade investors or lenders to […]

Court Ruling Underscores Importance of Proof in Theft Loss Claims

In certain circumstances, investors may be able to deduct losses from theft. To be deductible, the loss must not be reimbursed, such as through insurance. The taxpayer also must prove by a preponderance of the evidence that an actual theft occurred under the relevant local law. In a complex case, a married couple invested in […]

Tax Court Halts Trials During Ongoing Government Shutdown

When the federal government shutdown began on Oct. 1, 2025, the U.S. Tax Court announced it would remain open, at least for a limited time. But that time has come to an end. Starting Oct. 20, all in-person and remote trial sessions of the Tax Court are canceled, at least through the week of Oct. […]

Small business leaders on tariffs

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Thinking of Outsourcing? A New Bill Could Add a 25% Tax

Recently, Sen. Bernie Moreno (R-OH) introduced a bill that could subject some U.S. businesses to a new tax. The Halting International Relocation of Employment (HIRE) Act would impose a 25% tax on outsourcing payments. The bill defines “outsourcing payments” as amounts paid to foreign persons for labor and services performed outside the United States that […]

Tax Court case provides lessons on best recordkeeping practices for businesses

Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance and tax savings. Good records can mean the difference between successfully defending a deduction and losing valuable tax breaks. A recent U.S. Tax Court decision underscores just how important this […]

OBBBA Permanently Increases Federal Estate and Gift Tax Exemption

Normally, certain inflation-adjusted numbers affect taxpayers’ estate plans every year. One is the federal gift and estate tax exemption. But for 2026, the One Big Beautiful Bill Act (OBBBA) permanently increases the exemption amount to $15 million (up from $13.99 million for 2025). That amount will be adjusted annually for inflation for 2027 and beyond. […]