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 […]

House bill limits future deductions for professional sports team owners

One of the tax provisions in the One, Big, Beautiful Bill recently advanced by the U.S. House affects a small number of people but could have an outsized impact. For two decades, professional sports team owners have been able to deduct the total value of intangible assets (including player contracts and sponsorships) over 15 years. […]

Email scam alert!

Email scam alert! An ID.me account is a secure digital identity verification service used to confirm an individual’s identity online. It’s widely used by government agencies (including the IRS and Social Security Administration), as well as healthcare providers and others. The accounts help ensure that people are who they say they are when accessing sensitive […]

SALT limit change in the House bill

One of the tallest hurdles House lawmakers had to overcome to pass The One, Big, Beautiful Bill involved the limit on the state and local tax (SALT) deduction. The Tax Cuts and Jobs Act imposed a $10,000 cap on the deduction. Lawmakers from higher-tax states have wanted to increase the limit (or eliminate it altogether) […]

Will the Child Tax Credit Change?

As Congress deliberates over The One, Big, Beautiful Bill, you may wonder how the Child Tax Credit (CTC) could change. Under current law, the $2,000 per child CTC is set to drop to $1,000 after 2025. The income phaseout thresholds will also be lower, which means fewer American families will qualify. And the requirement to […]

Senate passes bill that exempts tips from tax

On May 20, a bipartisan bill passed unanimously in the U.S. Senate that would exempt tips from federal income tax. The No Tax on Tips Act was introduced by Sen. Ted Cruz (R-TX) and co-sponsored by Sen. Jacky Rosen (D-NV). If enacted, it would create a deduction of up to $25,000 a year for certain […]

The House has passed a sweeping tax and spending bill

On May 22, the U.S. House passed the sweeping tax and spending bill by a vote of 215 to 214. The One, Big, Beautiful Bill now goes to the U.S. Senate, which is likely to make changes. It includes extensions of many provisions set to expire Dec. 31, along with some new and enhanced tax […]

Tax on Social Security

As debate among House Republicans continues, the campaign promise to end tax on Social Security benefits isn’t included in the current version of “The One, Big, Beautiful Bill.” However, seniors haven’t been forgotten. There’s a proposed provision for an enhanced deduction of $4,000 for eligible filers age 65 or older. To be eligible, modified adjusted […]

New Energy Efficient Home (45L) Credit may be terminated

Heads up if your construction business builds homes: The tax bill working its way through Congress terminates the New Energy Efficient Home (45L) Credit. The credit is designed to incentivize builders to construct energy-efficient single- and multifamily homes. Currently, eligible contractors that build or substantially remodel homes can claim federal tax credits of up to […]