Do I qualify forHead of Household status?

Choosing the head of household (HOH) tax filing status may reduce your 2025 tax bill. HOH status offers a higher standard deduction, and in some cases, more favorable tax brackets than if you were to file as single. To qualify, you must have been unmarried (or considered unmarried) on Dec. 31, 2025; have paid more […]

Guidance issued on qualified production property

The IRS issued interim guidance on the new special depreciation allowance for qualified production property under the One Big Beautiful Bill Act. It defines qualified production property and activities (such as certain manufacturing, chemical production and agricultural production), explains how to determine the allowance, and outlines how and when to elect it. The guidance also […]

Divorce & the Home Sale Exclusion: Avoiding Costly Mistakes

The home sale gain exclusion can be tricky in a divorce. Generally, single taxpayers can exclude up to $250,000 of gain from the sale of a principal residence, while married couples filing jointly may exclude up to $500,000. To qualify, you must have owned and used the home as your principal residence for at least […]

Less Than 3% Scanned: IRS Falls Behind on Zero Paper Goals

A recent report (https://bit.ly/3MoKW0h ) released by the Treasury Inspector General for Tax Administration (TIGTA) warns that the IRS may miss a 2030 deadline to digitize all historical tax records. Contractors had scanned less than 3% of an estimated 1 billion pages of documents. The agency had also fallen behind the Trump administration’s Zero Paper […]

Is the AMT Your Next Tax Surprise?

Are you subject to the alternative minimum tax (AMT)? In general, this tax applies if your “tentative minimum tax” exceeds your regular income tax liability. Significant long-term capital gains and dividend income or recently exercised incentive stock options can trigger the AMT. Although the One Big Beautiful Bill Act (OBBBA) makes higher AMT exemptions permanent, […]

Don’t Face an IRS Notice Alone — You Have Rights

The IRS’s Taxpayer Bill of Rights includes 10 fundamental rights taxpayers are entitled to when interacting with federal tax authorities. It’s written to help make the existing rights in the tax code clear, understandable and accessible. One of these is the “right to challenge the IRS’s position and be heard.” In a nutshell, this allows […]

Income Limits Matter: Understanding the New Senior Deduction

The IRS is providing seniors with information and resources regarding the 2026 tax filing season. For eligible taxpayers age 65 or older, the One Big Beautiful Bill Act created a temporary deduction of up to $6,000 ($12,000 for married couples filing jointly). The deduction begins to phase out when modified adjusted gross income (MAGI) exceeds […]

Starting a Business? Understand Your Federal Tax Obligations First

If you’re thinking about starting a business, make sure you understand your federal tax responsibilities before opening your doors. IRS Publication 583, Starting a Business and Keeping Records, covers the basics. Your business structure (such as a sole proprietorship, partnership, limited liability company or corporation) determines which forms you must file and which taxes apply, […]

Before You Claim That “Secret” Tax Credit, Read This

Scrolling for tax tips? Be careful. The IRS warns that bad advice on social media can mislead taxpayers about refunds and tax credits. Some influencers may falsely claim that the IRS is hiding “secret” credits or encourage taxpayers to bend the truth on their returns. Acting on misinformation can result in audits, penalties and having […]

Immediate Expensing Now Available for U.S. Manufacturing Facilities

The One Big Beautiful Bill Act introduced a 100% deduction for the cost of qualified production property (QPP) whose construction begins after Jan. 19, 2025, and before Jan. 1, 2029, and that’s placed in service before 2031. This break is generally available for nonresidential real property used in manufacturing in the United States. Before the […]