by admin | Oct 17, 2025 | Planning
Itemizing deductions may be back for you With the passage of the One Big Beautiful Bill Act (OBBB Act) many who took a standard deduction may now need to consider a potential change to itemizing. If this could be you, it is better to know this now, when you can still...
by admin | Oct 10, 2025 | The Audit
Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts....
by admin | Oct 3, 2025 | What's New
Review and act NOW! In late September, the Treasury Department presented a list of preliminarily-approved occupations that will qualify for the new federal tax-free tip income provision on 2025 tax returns. Here is what you need to know. Background As part of the One...
by admin | Sep 26, 2025 | Planning
Know when you should ask for professional help. Before taking action, talk to your tax adviser. How many times have you seen this legal disclaimer? Unfortunately, all too often taxpayers do not follow this advice and then must pay the price with an unnecessarily high...
by admin | Sep 19, 2025 | Your Income
Your grandson needs a car, but cannot afford the payments. As a favor, you provide the $25,000 to purchase the car. You tell your grandson to pay you back when he can, but there is no loan document. The IRS sees this payment during an audit and asks where your...
by admin | Sep 12, 2025 | Planning
Ideas to manage your tax breaks With kids now back in college, the fact of higher educational costs is impossible to ignore. As you or your child navigate campus, you are now in position to start navigating the possible tax implications of your new-found college...
by admin | Sep 5, 2025 | Planning
Now is the time to make your estimated tax payment If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. With the passage of the One Big Beautiful Bill Act (OBBBA), forecasting...
by admin | Aug 29, 2025 | Your Income
With the uncertainty in the marketplace, now is a good time to review the rules surrounding investment losses. This knowledge can help minimize your tax obligation next year. This is because investment gains and income can be subject to a variety of federal tax rates...
by admin | Aug 22, 2025 | Planning
Multiple changes make this more important than ever The One Big Beautiful Bill Act (OBBBA) makes a number of changes impacting the business landscape. These changes will impact both small and large businesses. Here are some of the major changes and respective tips to...
by admin | Aug 8, 2025 | Retirement
Want to jump start your child’s retirement with a million dollar tax-free account? Consider this: The million dollar idea As soon as your child begins to earn income, open a Roth IRA and set a contribution goal to reach before they graduate from high school....
