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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In general, not-for-profits should work with professional financial advisors to ensure they’re complying with the IRS’s rules for tax-exempt organizations and effectively managing budgets, endowments and other financial functions. At...
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On December 2, President Trump announced that Michael and Susan Dell are donating $6.25?billion to expand the funding of tax-advantaged Trump Accounts. Introduced under the One Big Beautiful Bill Act, these accounts are intended to help children...
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It’s a necessity to ensure the safety of your critical accounting information when you grant employees access to QuickBooks. You trust your staff members, or you wouldn’t have hired them. But it’s just good business practice to...
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There’s still time for small businesses and their owners to implement strategies to save taxes for 2025. Traditional strategies continue to be valuable, but the One Big Beautiful Bill Act (OBBBA) includes several changes that also can help...
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Serving in the U.S. Armed Forces brings distinctive financial challenges — and some well-deserved tax advantages. Identifying and claiming these tax breaks can make a substantial difference at filing time. Here are some potential benefits...
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The One Big Beautiful Bill Act (OBBBA) has garnered headlines for extending dozens of tax provisions and creating new tax-saving opportunities for individuals and businesses. But it also eases the rules for Form 1099-NEC, “Nonemployee...
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As the year draws to a close, many businesses look for ways to recognize and thank their employees. From gift cards to holiday treats to service awards, the options are plentiful. But not all gifts are treated equally by the IRS. The tax...
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