Looking to lower your 2025 tax Bill?

If you’re looking for last-minute ways to lower your 2025 tax bill, consider prepaying some education costs. Taxpayers may be able to claim an American Opportunity Tax Credit (AOTC) of up to $2,500 per student for expenses paid in 2025, as long as classes begin by March 31, 2026. Costs related to tuition, course materials […]

The Tax Court Improvement Act

On Dec. 1, the U.S. House passed the Tax Court Improvement Act with bipartisan support. The legislation is designed to increase accountability, simplify court procedures and provide additional taxpayer rights. It would give the U.S. Tax Court discretion to extend filing deadlines, such as during courthouse closures. It would also expand the role of special […]

Year End Vehicle Deduction?

Are you thinking about buying a “heavy” business vehicle before year end? An SUV, pickup or van with a manufacturer’s gross vehicle weight rating (GVWR) over 6,000 pounds that’s used over 50% in your business is treated as transportation equipment for tax purposes. That means the business percentage of its cost can qualify for 100% […]

The employer tax credit for paid family and medical leave

The One Big Beautiful Bill Act permanently extends the employer tax credit for paid family and medical leave. Before the new law, the credit was scheduled to expire at year end. The amount ranges from 12.5% to 25% of eligible wages paid to qualifying employees for up to 12 weeks of paid leave. Beginning in […]

Is an installment sale right for you?

It may be possible to defer tax liability when you sell appreciated real estate or rental property. But be careful. An installment sale, for example, allows you to defer gains by spreading them over several years. However, ordinary gain from certain depreciation recapture will be recognized in the year of sale, even if you receive […]

Trump Accounts program receives a large donation

On Dec. 2, President Trump announced that Michael and Susan Dell are donating $6.25 billion to expand the funding of tax-advantaged Trump Accounts, which are intended to help children save for the future. Previously, the government pledged to contribute $1,000 to accounts set up for eligible kids born between Jan. 1, 2025, and Dec. 31, […]

ACA Credits Expiring Soon

Time is quickly running out for Congress to extend the Affordable Care Act’s enhanced Premium Tax Credits (PTCs). Lawmakers in both parties have expressed doubts that a deal can be reached before the enhanced PTCs expire on Dec. 31, 2025. Typically, the federal government pays advanced PTCs directly to the insurer based on the taxpayer’s […]

New IRS MATH Act Strengthens Taxpayer Rights

In a win for taxpayers’ rights, President Trump signed the bipartisan Internal Revenue Service Math and Taxpayer Help (IRS MATH) Act into law. The law requires the IRS to provide clear explanations of any math or clerical corrections it makes to taxpayers’ returns and prominently inform them of the 60-day timeframe for challenging the changes. […]

Tis the Season for Gift Card Fraud — Stay Alert!

’Tis the season for gift card scams, unfortunately. When buying gift cards for loved ones, buy only from reputable retailers with security cameras and examine card packages for signs of tampering. If you can, select cards from the back of racks, as criminals are more likely to tamper with cards at the front. Keep your […]

Senate and House Diverge on IRS Funding in 2026 Budget Bills

A recently released draft of the U.S. Senate’s Financial Services and General Government (FSGG) funding bill allocates $3.2 billion for taxpayer services, an increase over $2.78 billion in 2025. By contrast, the U.S. House’s FSGG bill keeps 2026 funding at 2025 levels. The House bill also includes a rider that forbids the IRS from spending […]