Yard Sale?

Summer is when many people clean out closets, hold yard sales and sell items online. Is that money taxable? If you sell personally owned items, you generally only have to report income if you receive more than you paid for the items (or the price of a gift that you sell). Most items decrease in […]

1099 filing burden will be eased next year

A pesky reporting burden for businesses should be eased by a provision in the One, Big, Beautiful Bill Act, signed into law on July 4. Currently, businesses must issue a Form 1099-MISC to any payee (and to the IRS) when transactions reach $600 in a calendar year. And businesses that pay $600 or more for […]

Want a clean vehicle credit? Buy Now!

If you were planning to take advantage of the $7,500 tax credit for purchasing or leasing a new electric vehicle (EV) or $4,000 for buying a used one, time is running out. The One, Big, Beautiful Bill Act (OBBBA) eliminates these clean vehicle credits after Sept. 30, 2025. There are several possible implications, one of […]

Tax Bill has permanent charitable deduction for non-itemizers

A provision of the One, Big, Beautiful Bill Act (OBBBA), signed into law on July 4, may increase the number of people who donate to charity. Currently, contributions made to eligible charitable organizations are only deductible by taxpayers who itemize deductions on their returns. The OBBBA creates a permanent charitable contribution deduction for non-itemizers of […]

gamblers won’t like a coming rule change

The One, Big, Beautiful Bill Act (OBBA) includes a tax rule change that professional gamblers will detest. Previously, gamblers were allowed to deduct 100% of their losses, up to the amount of their gambling winnings. Under the OBBBA, beginning in 2026, gamblers can deduct from their winnings only 90% of their losses for a tax […]

Tariffs are back in the news

President Trump has announced a new round of steep tariffs on 14 countries beginning August 1, 2025. He sent signed form letters to the leaders of the 14 countries with these tariff rates: 40% on imports from Laos and Myanmar; 36% for Cambodia and Thailand; 35% for Bangladesh and Serbia; 32% for Indonesia; 30% for […]

Trump Bill makes many deductions permanent

After months of debate, the law known as the One Big Beautiful Bill Act was enacted on July 4. It includes favorable changes that will affect individuals and businesses. It makes permanent and expands many tax provisions that were scheduled to expire at the end of the year. For example, the 2025 standard deduction is […]

Your IRA can help with more than retirement

If you have a traditional or Roth IRA account, you’re likely familiar with its retirement-saving benefits. What you may not know is that funds in your IRA can be used to purchase your first home or fund your child’s higher education expenses. Indeed, exceptions for IRA withdrawals allow you to take a penalty-free distribution of […]

Trump Accounts

The One, Big, Beautiful Bill includes a new, tax-friendly provision that would benefit babies born between Jan. 1, 2025, and Dec. 31, 2028, who are U.S. citizens. The so-called Trump Accounts are government-funded with $1,000 when parents open them. A maximum of $5,000 can be contributed to a Trump Account during any given year. The […]

Deficit will increase with passage of Trump’s Tax Bill

In a 51-50 vote (with Vice President Vance as the tie breaker), the U.S. Senate passed President Trump’s tax bill on July 1. The bill will add at least $3.3 trillion to the federal deficit, $800 billion more than the U.S. House’s bill, according to the nonpartisan Congressional Budget Office. As expected, the Senate’s bill […]