IRS Credit Alert: WOTC Could Get Bigger and More Accessible

The Work Opportunity Tax Credit (WOTC), scheduled to expire on Dec. 31, 2025, offers tax savings to businesses for hiring individuals from targeted groups. Examples include qualified veterans, recipients of certain aid programs, ex-felons and qualified long-term unemployment recipients. Employers must file a form with their state workforce agency to certify that hires are members […]

Maximize Your HSA: 2026 Contribution Limits and HDHP Rules

The IRS is providing guidance on new tax benefits of Health Savings Accounts (HSAs) under the One Big Beautiful Bill Act (OBBBA). Among other things, the OBBBA makes permanent the ability to receive telehealth services before meeting the high-deductible health plan (HDHP) deductible while remaining eligible to contribute to an HSA, effective for plan years […]

Sec. 179 Deduction: Key 2025 Deadlines and Limits for Businesses

Businesses should act quickly if they want to maximize their Sec. 179 expense deduction for the 2025 tax year. To qualify, the eligible property must be placed in service, fully ready and available for business use, by December 31, 2025. For 2025, you can expense up to $2.5 million of eligible assets, with the deduction […]

Homeowners, Take Note: Mortgage Interest Rules Have Changed

The One Big Beautiful Bill Act (OBBBA) permanently eliminates the deduction for interest on home equity loans and lines of credit. Previously, this deduction was suspended through 2025. Interest remains deductible only on home acquisition debt, generally up to $750,000 ($375,000 if married filing separately), that’s secured by your home and used to buy, build […]

Looking to lower your 2025 tax Bill?

If you’re looking for last-minute ways to lower your 2025 tax bill, consider prepaying some education costs. Taxpayers may be able to claim an American Opportunity Tax Credit (AOTC) of up to $2,500 per student for expenses paid in 2025, as long as classes begin by March 31, 2026. Costs related to tuition, course materials […]

The Tax Court Improvement Act

On Dec. 1, the U.S. House passed the Tax Court Improvement Act with bipartisan support. The legislation is designed to increase accountability, simplify court procedures and provide additional taxpayer rights. It would give the U.S. Tax Court discretion to extend filing deadlines, such as during courthouse closures. It would also expand the role of special […]

Year End Vehicle Deduction?

Are you thinking about buying a “heavy” business vehicle before year end? An SUV, pickup or van with a manufacturer’s gross vehicle weight rating (GVWR) over 6,000 pounds that’s used over 50% in your business is treated as transportation equipment for tax purposes. That means the business percentage of its cost can qualify for 100% […]

The employer tax credit for paid family and medical leave

The One Big Beautiful Bill Act permanently extends the employer tax credit for paid family and medical leave. Before the new law, the credit was scheduled to expire at year end. The amount ranges from 12.5% to 25% of eligible wages paid to qualifying employees for up to 12 weeks of paid leave. Beginning in […]

Is an installment sale right for you?

It may be possible to defer tax liability when you sell appreciated real estate or rental property. But be careful. An installment sale, for example, allows you to defer gains by spreading them over several years. However, ordinary gain from certain depreciation recapture will be recognized in the year of sale, even if you receive […]

Trump Accounts program receives a large donation

On Dec. 2, President Trump announced that Michael and Susan Dell are donating $6.25 billion to expand the funding of tax-advantaged Trump Accounts, which are intended to help children save for the future. Previously, the government pledged to contribute $1,000 to accounts set up for eligible kids born between Jan. 1, 2025, and Dec. 31, […]