2025 State Individual Income Tax Rates & Brackets

2025 State Individual Income Tax Rates & Brackets https://bit.ly/4i2ebzS Individual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections. How do income taxes compare in your state?

Steel and Aluminum Tariffs

President Trump has signed an executive order that will substantially increase tariffs on imported steel and aluminum. The increase is a flat 25%. The president said the tariffs will help struggling U.S. industries. This latest round of tariffs is an increase over the 10% tariffs on steel and aluminum Trump enacted during his first term […]

Legislation to extend tax cuts

Congressional Republicans continue to work toward legislation to extend and expand provisions of the Tax Cuts and Jobs Act as well as incorporate some of President Trump’s tax-related campaign promises. House Republicans had planned to unveil a single package of tax and other provisions by this point but the party’s various factions haven’t yet come […]

President Trump’s tax plan: What proposals are being discussed in Washington?

President Trump and the Republican Congress plan to act swiftly to make broad changes to the United States — including its federal tax system. Congress is already working on legislation that would extend and expand provisions of the sweeping Tax Cuts and Jobs Act (TCJA), as well as incorporate some of Trump’s tax-related campaign promises. […]

Work Opportunity Tax Credit can benefit your business

As of January 2025, the unemployment rate was reported to be 4%. Employers facing hiring challenges may benefit from a valuable one-time federal tax credit available through 2025. The Work Opportunity Tax Credit (WOTC) incentivizes businesses to hire individuals from specific groups often facing employment barriers. These include veterans, recipients of specific aid programs, ex-felons, […]

An IP PIN can protect your identity

Before you file your tax return, you may want to take a vital step to help protect yourself and your assets from identity theft. The IRS urges taxpayers to get an Identity Protection Personal Identification Number (IP PIN). An IP PIN is a six-digit number and obtaining it is voluntary. It’s valid for one year […]

Do you have questions about taking IRA withdrawals? We’ve got answers

Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA, SIMPLE IRA and SEP IRA. Since funds can’t stay in these accounts indefinitely, it’s important to understand the rules behind RMDs, which can be pretty complex. Below, we address some common […]

Should I file a joint return with my spouse?

Most married couples file joint income tax returns. But in some cases, it may be beneficial to file separate returns. If, for example, one spouse has substantial unreimbursed medical expenses and relatively low income, filing separately could allow the spouse to claim the medical expense deduction. Or if a spouse has qualified business income (QBI) […]

Federal Debt is growing. How does this impact extension of Trump Tax Cuts?

At $36 trillion and growing, the U.S. federal debt could prevent the extension of all Tax Cuts and Jobs Act provisions. They’re currently due to expire at the end of 2025. The plan that extends tax breaks and funds President Trump’s other priorities is estimated by the nonpartisan Committee for a Responsible Federal Budget to […]

Small business strategy: A heavy vehicle plus a home office equals tax savings

New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use the vehicle more than 50% for business. If your business usage is between 51% and 99%, you may be able to deduct that percentage of the cost in […]