2025 Tax Planning Guide: Life and Family Considerations
Are you thinking of getting married or divorced? If so, consider December 31, 2025, in your tax planning. It’s crucial for marriage and family tax strategies. Here’s another planning question: Do you give money to family or friends (other than your children, who are subject to the kiddie tax)? If so, you need to consider […]
A Small Business Owner’s Guide to Health Plans and Tax Savings
All small-business owners with one to 49 employees should have a medical plan for their business. Sure, it’s true that with 49 or fewer employees, the tax law does not require you to have a plan, but you should. When you have 49 or fewer employees, most medical plan tax rules are straightforward. Here are […]
Optimize Year-End Vehicle Tax Deductions
Wow, how time flies! Yes, December 31 is just around the corner. That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2025 taxes. But don’t wait. Get on this now! Take Back Your Child’s or Spouse’s Car, and Sell It […]
Year-End Retirement Planning: Five Strategic Steps for 2025
The clock continues to tick. Your retirement is one year closer, and exploring 2025 retirement plan options should be a priority. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are five things to consider, especially when evaluating your 2025 retirement plan options. 1. Establish […]
Navigating the New Tip Tax Deduction: Eligibility, Limits, and Reporting Requirements
Congress recently passed the One Big Beautiful Bill Act, or OBBBA, which introduces a new tax deduction for tips beginning in 2025. This provision, called “No Tax on Tips,” sounds broader than it really is. The deduction is both temporary and limited in scope, and many tips will still be subject to taxation. Who Qualifies […]
Integrating QCDs Into Your 2025 Tax Strategy
If you’re age 70 1/2 or older, the IRS allows you to make charitable contributions directly from your IRA to approved organizations, such as your church. These transfers, known as qualified charitable distributions (QCDs), have become even more powerful under the new One Big Beautiful Bill Act (OBBBA)—and could be one of the most effective […]
Dog Breeding and the IRS: Turning Your Hobby into a Legitimate Business
Are you involved in a dog breeding business or considering starting one? If so, you are in the IRS’s crosshairs. The IRS has long considered dog breeding to be an activity typically classified as a hobby, rather than a business, for tax purposes. When it comes to taxes, hobbies are usually tax disasters. Unlike a […]
OBBBA Delivers Bigger Tax Deductions for Business Owners
Here’s good news beginning in 2025. The One Big Beautiful Bill Act (OBBBA) permanently eases the rules that limit the deduction for business interest expense. Background The deduction for business interest expense is generally limited to the sum of You carry disallowed business interest forward to future years. While these rules remain in place, the […]
Section 529 Plans: More Flexibility for Education Savings
Section 529 plan accounts—also called “qualified tuition plans” (QTPs)—have long provided a powerful tax-advantaged way to save for education expenses for children, grandchildren, and even yourself. While contributions to these accounts are not federally tax-deductible, the money in them grows tax-free, and withdrawals remain tax-free when used for qualifying education expenses. The recently enacted One […]
Expanded Tax Benefits for Qualified Small Business Stock Under the OBBBA
Do you own stock in a high-growth small business? Or are you a founder, an investor, or an employee of one? If so, you need to understand how the One Big Beautiful Bill Act (OBBBA) expands the tax benefits of qualified small business stock (QSBS). What QSBS Is “QSBS” refers to stock issued by regular […]