A new deduction in the One, Big, Beautiful Bill

Now that the One, Big, Beautiful Bill Act is law, certain older taxpayers can enjoy a new tax break. For 2025 through 2028, those age 65 and up can claim a senior deduction of up to $6,000. For married couples filing jointly, if both spouses are at least 65, they can deduct $12,000. The deduction […]

QBI becomes permanent in Tax Bill

Some business owners got welcome news with the One, Big, Beautiful Bill Act (OBBBA). The new law makes the qualified business income (QBI) deduction permanent and enhances it. (The 20% deduction was set to expire after 2025.) Certain limits reduce or eliminate the deduction based on taxpayer income. For 2025, the ranges over which these […]

Texas Disaster area declarations

As expected, President Trump has declared areas of Texas, including Kerr County, federal disaster areas. Individuals and businesses affected by storms that began July 2, 2025, now have until Feb. 2, 2026, to file returns and make tax payments that would have been due on or after July 2. This includes returns with valid extensions […]

Don’t Get Scammed: How to Spot Fake IRS Emails & Messages

How do you know if an email or text message purportedly from the IRS is real? Criminals are increasing their misuse of electronic messages, social media and even U.S. mail to trick taxpayers into giving up sensitive information or making payments. The IRS is warning that it never contacts taxpayers via digital channels without prior […]

Tariffs in the news

President Trump ratcheted up his trade war by announcing a 35% tariff on Canadian imports, up from the 25% tariff he imposed on that country in March. He warned that the levy could increase if Canada retaliates with increased tariffs on U.S. imports. In a letter sent to Canadian Prime Minister Mark Carney, Trump accused […]

Big Win for Businesses: 100% Bonus Depreciation Made Permanent Under New Law

First-year bonus depreciation had been phasing down 20% annually since 2023 and was set to drop to 0% in 2027. Businesses have been eager to learn the fate of this popular depreciation-related tax break. The good news is that the One, Big, Beautiful Bill Act makes permanent 100% first-year bonus depreciation for the cost of […]

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 […]