Over 65? This New Tax Deduction Could Make a Big Difference

Are you age 65 or older? If so, for tax years 2025 through 2028, a provision of the One Big Beautiful Bill Act may allow you to claim an additional deduction of up to $6,000. And you can potentially double that amount if you’re married filing jointly and both you and your spouse are 65 […]

Taxes on travel

If you traveled for the holidays, you probably also payed additional federal taxes and fees. For example, the price of airline tickets typically includes a 7.5% excise tax, a $5.60 September 11 Security Fee and a Passenger Facility Charge of up to $4.50 for travel through certain airports. Depending on your destination, you might also […]

Holiday sales have impact on government tax collections

Most people know that holiday retail sales are important to state and local governments that rely on the collection and remittance of sales tax in their jurisdictions. But the success of the holiday shopping season also impacts federal tax collections, albeit indirectly. When businesses enjoy a profitable period, they generally owe more income tax. Plus, […]

President Trump signs executive order to expedite rescheduling of cannabis

On Dec. 18, 2025, President Trump signed an executive order to expedite the rescheduling of cannabis from a Schedule I to a Schedule III drug. Although this action wouldn’t legalize marijuana on the federal level, rescheduling will have significant tax implications for cannabis businesses. Currently, they’re subject to IRC Sec. 280E, which prevents them from […]

ACA vote forced

The Affordable Care Act’s enhanced premium tax credit (PTC) is scheduled to expire on Dec. 31, 2025. In an unexpected turn, four House Republicans have joined House Democrats to force a vote on extending the enhanced PTC. This comes a day after House Speaker Mike Johnson (R-LA) said a vote under “normal procedures” wouldn’t happen. […]

an overview of the improvements made to the Adoption Tax Credit

The IRS has provided an overview of the improvements made to the Adoption Tax Credit by the One Big Beautiful Bill Act. The credit can be claimed for eligible expenses related to international, domestic, private and public foster care adoptions. Qualified expenses include adoption fees, legal costs and travel expenses. In 2025, the credit is […]

$52 Billion Drop in Corporate Taxes: What’s Driving It?

According to U.S. Treasury data, revenue from corporate income taxes fell by $52 billion between July and November 2025, compared with the same period in 2024. Experts attribute this to recent tax legislation that enables companies to reduce their taxable income. Under the One Big Beautiful Bill Act, which became law in July, rather than […]

Holiday Cheer + Tax Savings: What Employers Need to Know

Hosting a holiday party for your employees can be a great morale booster, but it also comes with tax considerations. Most entertainment expenses are currently nondeductible, and business meals are generally only 50% deductible. But under certain conditions, you can deduct 100% of party costs. The event must be for your entire staff and not […]

Scholarship Tax Credits Coming in 2027: What You Need to Know

Beginning on Jan. 1, 2027, eligible individual taxpayers can claim nonrefundable federal tax credits for cash contributions to qualified Scholarship Granting Organizations (SGOs) that serve K-12 students from low- and middle-income families. The credit was introduced under the One Big Beautiful Bill Act. The IRS has issued guidance (Rev. Proc. 2026-6) that allows states to […]

Protect Yourself from Tax Identity Theft This Holiday Season

With holiday shopping in full swing and tax season just around the corner, the risk of identity theft rises. Scammers often ramp up efforts this time of year to steal personal information and use it to file fraudulent tax returns and claim refunds. Filing your taxes early is one of the best ways to protect […]