Senate releases it’s version of Trump tax bill

The Senate Finance Committee (SFC) has released its version of The One, Big, Beautiful Bill. There are several changes from the U.S. House version that passed in May 2025. For example, it creates a $6,000 deduction for qualified seniors (65 or older and under certain income thresholds), $2,000 more than the House’s deduction for eligible […]

Tax Planning can be complicated if you are not a US Citizen

If you’re not a U.S. citizen, tax planning can get complicated because of compliance issues associated with residency. When preparing your tax return, we’ll begin the planning process by verifying your status as a resident alien or a nonresident alien. The distinction greatly affects your tax liability. Generally, a resident alien is someone who resides […]

Sale of digital assets

Last year, the IRS issued final regulations requiring custodial brokers to report sales and exchanges of digital assets. The regs require brokers to report certain sales that take place beginning in calendar year 2025 on Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The IRS also provided transitional relief from backup withholding tax liability and […]

Receive a notice for not filing your tax return?

Taxpayers who are required to file a federal tax return but don’t may be in for a costly surprise. If the IRS receives a document like a Form W-2 indicating taxable income, it may file a Substitute for Return (SFR) on your behalf. Before doing so, the IRS typically will attempt to contact you and […]

Hobby income is taxable

Many Americans seek to earn money by way of a side hustle, which sometimes starts as a hobby. The IRS is reminding taxpayers that this income is taxable. Depending on whether the IRS considers the activity to be a business or a hobby, the tax treatment is very different. On their tax returns, businesses can […]

House Bill doesn’t completely remove tax on overtime

President Trump has repeatedly promised to abolish income tax on overtime pay. However, the bill passed by the U.S. House wouldn’t reduce tax for all workers putting in extra hours. Only hourly and some salaried employees required to be paid time-and-a-half after working 40 hours in a week would be affected. And only the 50% […]

10 Federal Tax Tips

To help ensure small businesses take advantage of all potential tax breaks, the Taxpayer Advocate Service (TAS) summarizes the types of tax you may owe and provides a list of 10 federal tax tips (https://bit.ly/43WgUFP). Among the tips are to separate your business and personal finances, which means establishing business-only bank accounts and credit cards. […]

Earned Income Tax Credit

As of December 2024, nearly 23 million families had received about $64 billion from the Earned Income Tax Credit (EITC) since its inception in 1975. The credit is intended to help low- and moderate-income working families. Eligibility depends on adjusted gross income, filing status and the number of qualifying children. Under the proposed One, Big, […]

Miss the filing deadline?

The IRS is highlighting several resources available to help taxpayers who missed the April 15, 2025, federal income tax return filing deadline and owe taxes, interest and penalties. The tax agency recommends that taxpayers who owe taxes file their returns and pay any taxes due as soon as they can. Interest and penalties will continue […]

Consider a 529 Plan for education costs

While students may be in summer mode, many parents are already thinking ahead to fall education costs. One smart, tax-advantaged tool to consider is a Section 529 savings plan. 529 plans aren’t new, but they’ve grown more versatile over the years. Originally limited to college expenses, they now also cover up to $10,000 per year […]