Follow the Money: How Interest Tracing Affects Your Tax Deductions
Interest deduction rules are often misunderstood because the deduction depends less on the label of the loan and more on what the borrowed funds were used for. In other words, …
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Accountable Plan: The Ultimate Tax-Smart Guide for Business Reimbursements
An accountable plan is one of the simplest ways for a business to reimburse employees for legitimate business expenses without turning those reimbursements into taxable wages. When …
5 Year-End Retirement Tax Strategies to Make Before December 31
Retirement tax strategies require making some of the most important decisions for 2026 before your tax return is ever prepared. That distinction matters. Tax preparation generally …
Succession Planning for Business Owners; Protecting Your Company, Family and Tax Outcomes
For many business owners, succession planning is one of the most important decisions they will ever make, yet it is often delayed until the owner is nearing retirement, facing …
Tens of Millions Claimed New Tax Breaks — Did You Miss One?
Federal officials reported that more than 53 million individual tax return filers claimed at least one of the new tax benefits created by the One Big Beautiful Bill Act (OBBBA) …
Waiting for 2027: How the OBBBA Tax Rules Can Slash Your Capital Gains Tax
Consider waiting for 2027 until you reinvest your capital gains. Why, you ask? The One Big Beautiful Bill Act (OBBBA) has fundamentally reshaped the tax-advantaged investment …
Follow the Money: How Interest Tracing Affects Your Tax Deductions
Interest deduction rules are often misunderstood because the deduction depends less on the label of the loan and more on what the borrowed funds were used for. In other words, interest is generally traced to the use of the loan proceeds, and the deductibility follows that traced use. This tracing approach is especially important when …
Accountable Plan: The Ultimate Tax-Smart Guide for Business Reimbursements
An accountable plan is one of the simplest ways for a business to reimburse employees for legitimate business expenses without turning those reimbursements into taxable wages. When the plan is set up and administered correctly, the business can reimburse ordinary and necessary expenses, the employee avoids income and payroll tax on the reimbursement, and the …
5 Year-End Retirement Tax Strategies to Make Before December 31
Retirement tax strategies require making some of the most important decisions for 2026 before your tax return is ever prepared. That distinction matters. Tax preparation generally reports decisions that have already happened. Tax planning asks whether something should still happen before December 31. With several months remaining in 2026, retirees and people approaching retirement have …
Succession Planning for Business Owners; Protecting Your Company, Family and Tax Outcomes
For many business owners, succession planning is one of the most important decisions they will ever make, yet it is often delayed until the owner is nearing retirement, facing health problems, or reacting to a crisis. That is usually too late. A good succession plan does far more than name a successor. It addresses who …
Tens of Millions Claimed New Tax Breaks — Did You Miss One?
Federal officials reported that more than 53 million individual tax return filers claimed at least one of the new tax benefits created by the One Big Beautiful Bill Act (OBBBA) enacted in mid‑2025. Treasury and IRS statistics released around Tax Day show heavy use of several headline provisions. However, an independent poll suggests some eligible …
Waiting for 2027: How the OBBBA Tax Rules Can Slash Your Capital Gains Tax
Consider waiting for 2027 until you reinvest your capital gains. Why, you ask? The One Big Beautiful Bill Act (OBBBA) has fundamentally reshaped the tax-advantaged investment landscape by making the Qualified Opportunity Zone (QOZ) program permanent. For taxpayers sitting on significant capital gains in 2026, the strategy for when to sell and reinvest has shifted …
Is Your Medical Home Improvement Tax Deductible? A 2026 Guide
Considering a medical home improvement tax deduction? The rules can be cumbersome, but medically necessary home modifications can offer significant tax savings when documented properly. The year 2025 marked a significant milestone in the United States. Why? A record number of people reached the age of 65 this year. On average about 11,400 Americans turned 65 …
Comprehensive Guide to 2025 Tax Law Changes: What Taxpayers Need to Know
When dealing with our current tax return preparation, you should be aware of significant 2025 tax law changes brought by the One Big Beautiful Bill (OBBBA) legislation. Also of some delayed effective dates from other legislation. These changes are poised to impact various taxpayer categories, affecting both individual and business tax returns. Navigating these changes …
Eldercare Can Be a Substantial Medical Deduction
As people are living longer now than ever before, eldercare is becoming more common. Many family members are serving as care providers for elderly loved ones who cannot live independently. Such individuals often have questions regarding the tax ramifications associated with the cost of such care. For these individuals, the cost of such care may …