Thinking of Donating to a Foundation You Run? Read This First.

Tax law permits taxpayers to deduct donations to qualified charities, but the donor must be able to prove the donation. For cash gifts of $250 or more, you’ll need a timely letter from the charity that states the amount, date, whether any goods or services were received in exchange and, if so, their value. One […]

Big Changes for Corporate Giving: Are You Ready for the 1% Rule?

One of the changes made by the One Big Beautiful Bill Act is to the tax treatment of charitable donations made by corporations. For tax years after 2025, corporations may deduct charitable contributions only to the extent that the contributions (in aggregate) exceed 1% of that tax year’s taxable income. The deduction can’t exceed 10% […]

Tax Court Clarifies: Compensation Stock May Still Be Taxable

In a recent case, the U.S. Tax Court ruled that a taxpayer must include the value of employer stock in gross income reported to the IRS. The taxpayer claimed that the transfer of stock by her former employer violated agreements in place. She emphasized that the stock transfer was erroneous and, therefore, she didn’t owe […]

💡 Summer Camp May Cut Your Tax Bill: Don’t Miss the Child Care Credit

Did you send your child to day camp this summer? You may be able to offset some of the costs by claiming the Child and Dependent Care Tax Credit. For middle-income-and-higher taxpayers, for 2025, the credit generally equals 20% of the first $3,000 of qualified expenses for one child or 20% of up to $6,000 […]

Act Now or Miss Out: Clean Energy Tax Credit Rules Tighten

The One Big Beautiful Bill Act eliminates the Clean Electricity Investment Credit (Sec. 48E) and the Clean Electricity Production Credit (Sec. 45Y) for wind and solar facilities placed in service after 2027, unless construction begins on or before July 4, 2026. The IRS has provided guidance (IRS Notice 2025-42) on what constitutes the “beginning of […]

Student Athletes: NIL Income Comes With Tax Responsibilities

Student athletes will soon head back to school, and some will earn income from the use of their name, image, and likeness (NIL). This form of compensation is fairly new. Many student athletes don’t realize that it’s considered self-employment income, subject to Social Security and Medicare tax, federal and possibly state income tax. This applies […]

Paying Friends on Venmo? You Might Get a Tax Form If You’re Not Careful

Do you use a cash app for nonbusiness payments? It could be Venmo, PayPal or another cash payment app. If so, pay attention. Nonbusiness payments, such as reimbursing a friend for your share of dinner, should be marked as personal at the time of payment. Otherwise, you could receive a Form 1099-K (Payment Card and […]

Tax Tip: Don’t Miss Out on This Medical Expense Deduction!

Did you know that you may qualify for a tax deduction if you’ve incurred unreimbursed medical expenses that exceed 7.5% of your adjusted gross income? To qualify for the deduction, the expenses must be paid specifically for medical or dental services, prescription drugs, insulin, medical equipment and supplies, medical insurance premiums, transportation needed to get […]

Important Tax Reminder for Heavy Vehicle Operators

If your business operates vehicles with a gross weight of 55,000 pounds or more on public highways, it’s important to understand the Heavy Highway Vehicle Use Tax. It’s an annual federal excise tax. The deadline to file Form 2290, Heavy Highway Vehicle Use Tax Return, is based on the month a taxpayer first used the […]

The Fine Print of the OBBBA: Some Households Will Pay More Than Others

The nonpartisan Congressional Budget Office (CBO) has crunched the numbers regarding the distributional effects of the One Big Beautiful Bill Act (OBBBA). The CBO found that the lowest-income earners will lose an average of $1,200 in overall household resources annually. Other taxpayers will see increases, including families in the middle and top percentiles. The director […]