New Legislation May Complicate Recordkeeping for Many Taxpayers

A new report from Yale’s Budget Lab (https://bit.ly/3HaEkQu ) claims that the “no tax on” provisions in the One Big Beautiful Bill Act will, for many people, increase the time required to prepare tax returns. This affects those who are no longer required to pay tax on a limited amount of tips, overtime and auto […]

Cut Your 2025 Tax Bill with This IRA Strategy

The year is more than halfway over, so now is a great time to consider ways to reduce your 2025 tax bill. If you’re age 70½ or older and own or are the beneficiary of an IRA, here’s one strategy to explore: donating up to $108,000 directly from your IRA to IRS-qualified charities (or up […]

$7,500 in Tax-Free Childcare? It’s Coming in 2026

Employers seeking to offer family-friendly benefits may want to consider flexible spending accounts (FSAs) for dependent care. These FSAs let employees make pre-tax contributions through payroll withholding to help cover eligible expenses. Thanks to the recently passed One, Big, Beautiful Bill Act, the annual contribution limit, currently $5,000, will rise to $7,500 in 2026. FSA […]

Hidden in the Fine Print: Firearm Suppressor Tax Repealed

One provision of the One, Big, Beautiful Bill Act you probably haven’t heard much about is a repeal of the long-standing tax on firearm silencers or “suppressors.” For almost 100 years, suppressor buyers were required to purchase a federal tax stamp, currently for $200. The Senate Parliamentarian originally objected to Congressional Republicans’ attempts to use […]

Think Your Microcaptive Is Deductible? The Tax Court Disagrees

A microcaptive arrangement is a type of self-insurance that allows businesses to form their own small insurance companies to insure risks specific to the businesses. In a new case, the U.S. Tax Court ruled that a married couple wasn’t allowed to deduct insurance premiums paid to a microcaptive arrangement. The premiums were paid by an […]

How to Rein in the National Debt

How to Rein in the National Debt https://taxfoundation.org/research/all/federal/us-debt-deficits-federal-budget-spending-taxes/

Cigarette Taxes and Cigarette Smuggling by State

Cigarette Taxes and Cigarette Smuggling by State https://bit.ly/4lmJiHD

From $10M to $15M Tax-Free — Here’s What Changed

A tax break in the One, Big, Beautiful Bill Act is a boon for founders of successful startup businesses. Before the new law, the qualified small business stock exclusion generally enabled early investors (who acquired stock when a company was worth less than $50 million) to pay no tax on the first $10 million in […]

Separated or Divorced? Here’s What It Means for Your Taxes

If a couple gets separated or divorced, it affects tax obligations. The IRS considers couples married for tax purposes until a final decree is issued. After separating or divorcing, update your Form W-4 with your employer and check withholding using the IRS estimator. Certain alimony payments may be deductible by the payer and taxable to […]

New Law Makes Part of the Adoption Credit Refundable — Finally!

Adopting a child is expensive, but adoptive parents may qualify for a tax break to offset some of the costs. Under the One, Big, Beautiful Bill Act (OBBBA), the tax break got better for some parents. For 2025, the maximum adoption credit is $17,280 of qualified expenses, with phaseouts for higher-income parents. Under prior law, […]