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 […]

Serving Our Country? Don’t Miss These Tax Breaks

Active-duty service members: Uncle Sam knows your job comes with unique financial challenges and personal sacrifices, especially during the holidays. Time away from home and family is never easy, but the federal tax code offers several breaks designed to ease the burden. Combat pay exclusions, moving expense deductions and extended filing deadlines are just a […]

Earn Tips? Don’t Forget to Report Them on Time in 2026

If you earn income from tips, you may want to mark up your 2026 calendar now. You’ll be required to report the previous month’s tips income of $20 or more (cash, check, charged and any portion of pooled tips you retain) to your employer by the 10th day of every month. If the 10th falls […]

🎄 Merry Christmas from Van de Ven LLC CPAs! 🎄

“God never gives someone a gift they are not capable of receiving. If He gives us the gift of Christmas, it is because we all have the capacity to understand and receive it.” — Pope Francis As the year comes to a close, we want to take a moment to thank our clients, partners, and […]

Fed Lowers Interest Rates: What Businesses and Investors Need to Know

The Federal Reserve lowered interest rates by one-quarter of a percentage point on Dec. 10, 2025. This was the third meeting in a row that the Fed board lowered rates. The U.S. labor market seems to be weakening, but inflation is rising and the Fed usually increases interest rates if needed to try to maintain […]

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 […]