A Valuable Tax Break for Pass-Through Businesses Continues in 2026
Beginning in 2026, the Section 199A qualified business income deduction becomes a permanent part of tax planning for pass-through business owners. This deduction can allow owners of sole proprietorships, partnerships, S corporations, and certain other pass-through businesses to deduct up to 20 percent of their qualified business income. C corporations do not qualify. The 2026 […]
OBBBA Adds a Possible Senior Tax Deduction (Age 65 and older)
If you will be age 65 or older on December 31, 2025, you have a new opportunity for tax savings. The One Big Beautiful Bill Act (OBBBA) created a new bonus tax deduction—available for seniors beginning this year (2025). You can claim this deduction whether or not you itemize. How Much Can You Deduct? If […]
Three Ways You Can Deduct Your Dog or Cat
Dogs, cats, and other household pets are expensive. Owners spend an average of $1,270 to $2,800 to own a dog. Can you ever deduct these costs from your taxes? The expenses for a family pet that provides you only with love and companionship are never deductible. They are purely personal expenses. But it is possible […]