It’s officially tax season. As you prepare your 2025 return, you can turn to many resources for help, including your tax advisor. For guidance straight from the source, the IRS has you covered. Tax Tip 2026-03 provides the following...
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The One Big Beautiful Bill Act (OBBBA) included favorable changes to the federal income tax rules for depreciating business assets. And there are annual inflation adjustments to keep track of as well. Here’s an update on the first-year...
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Do you know the current rules for claiming tax deductions for business meals and entertainment? Whether you’re wining and dining a prospective customer or taking an employee to lunch, you might be confused about what’s deductible —...
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If you had to make a list of your least favorite financial chores, bank account reconciliation would undoubtedly be on it. No one likes reconciling. But what good does it do to have QuickBooks tell you your account balances if there’s a...
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The One Big Beautiful Bill Act (OBBBA), enacted in the summer of 2025, includes a new temporary federal income tax deduction for auto loan interest. On January 2, 2026, the IRS published in the Federal Register proposed regulations addressing the...
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At the end of last year, the IRS announced its annual inflation adjustments to the optional standard mileage rates used to calculate the deductible vehicle operating costs for business, charitable, medical or moving purposes. And there’s...
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Do you regularly donate to charity? In the past, you may have derived generous tax benefits for your contributions without much forethought. Or perhaps you didn’t bother to consider potential write-offs before donating because you assumed...
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The One Big Beautiful Bill Act (OBBBA) establishes new individual federal income tax deductions for qualified income from tips and overtime. Although the OBBBA wasn’t signed into law until July 4, 2025, these new deductions were effectively...
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Every year, the amounts allowed for various federal tax benefits are subject to inflation adjustments and legislative changes. The following list provides some important federal tax information for 2026, as compared with 2025. Social...
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Monday, Jan. 26, 2026 is opening day for the 2026 tax filing season. This is when taxpayers can begin filing their 2025 federal tax returns. IRS Individual Online Accounts are available 24/7, to view account information, make payments, manage...
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If you’re unlucky enough to suffer a personal theft loss, you may be entitled to a federal income tax deduction. Or you may not. The rules are complex, but there’s some good news: Last year’s One Big Beautiful Bill Act (OBBBA)...
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Although many provisions of the One Big Beautiful Bill Act (OBBBA) took effect in 2025, additional changes began in 2026. A significant change for higher-income taxpayers age 50 and older under the Setting Every Community Up for Retirement...
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