If you had substantial medical costs last year, you may be asking whether they can reduce your tax bill on your 2025 income tax return. While the medical expense tax deduction can be valuable, income… Read More »Which Medical Expenses Can You Deduct on Your 2025 Tax Return?
Do you operate your business as a partnership, a limited liability company (LLC) taxed as a partnership, or an S corporation? These business structures are commonly referred to as pass-through entities because income, deductions, and… Read More »Tax Filing Updates for Pass-Through Entities: What to Know for 2025
Each year, hurricanes, floods, wildfires, and other natural disasters cause significant damage to homes and personal property across the U.S. If you suffered losses due to a qualifying disaster, you may be able to claim… Read More »Casualty Loss Tax Deduction: What Disaster Victims Need to Know
With 2025 now in the rearview mirror and the tax filing deadline approaching, businesses should begin organizing records related to deductible expenses for the 2025 tax year. However, determining which expenses qualify for a deduction… Read More »Not All Business Expenses Are Tax Deductible for 2025
A new year brings updated tax figures for individual taxpayers. Many limits are adjusted annually for inflation and generally rise over time. For 2026, additional changes also take effect under the One Big Beautiful Bill… Read More »Important 2026 Tax Limits Every Individual Taxpayer Should Know
As a new year approaches, businesses need to stay informed about updated tax limits and thresholds that can affect deductions, retirement planning, and employee benefits. Below is a summary of key federal tax figures for 2026 that… Read More »Important 2026 Tax Figures Every Business Should Know
Many people are familiar with Section 529 plans as a tax-advantaged way to save for education. Fewer realize there’s a similar option designed specifically to help individuals with disabilities save for qualified expenses. These are… Read More »ABLE Account Eligibility Expands in 2026: What You Need to Know
An S corporation combines the tax advantages of a partnership with the liability protection of a corporation. However, this favorable tax status comes with strict eligibility and compliance requirements. Even an unintentional misstep can result… Read More »How to Prevent Accidental S Corporation Termination
Beginning in 2026, taxpayers who itemize deductions and make charitable contributions will encounter new limitations on how much they can deduct. In some situations, two separate limits may apply. On a positive note, individuals who… Read More »Charitable Donation Deduction Changes Starting In 2026
If your business employs workers or pays independent contractors, annual information reporting is a critical compliance responsibility. The One Big Beautiful Bill Act (OBBBA) introduces notable changes to these rules — but most of them… Read More »Significant Information Reporting Changes Begin in 2026
As the year wraps up, most people are busy with holiday shopping, charitable donations, and planning time with family. But if you’re an older taxpayer with one or more tax-advantaged retirement accounts—or a younger beneficiary… Read More »Don’t Miss Your Year-End RMD Deadline: Key Rules for 2024–2025
Businesses can generally deduct interest they pay or accrue, but federal tax rules limit how much can be claimed each year. Recent changes under the One Big Beautiful Bill Act (OBBBA) will allow many companies… Read More »New 2025 Rules Expand Business Interest Expense Deductions