NEWSLETTER

Upcoming Tax Due Dates

November 17 Employers: Deposit Social Security, Medicare and withheld income taxes for October if the monthly deposit rule applies. Employers: Deposit nonpayroll withheld income tax for October if the monthly deposit rule applies. Calendar-year exempt organizations: File a 2024 information return (Form 990, Form 990-EZ or Form 990-PF) if a six-month extension was filed. Pay any tax, interest and penalties due. December 10 Individuals: Report November tip income of $20 or more

Nov 31 min read

Easier Reporting Rules for Some Forms

A pesky reporting burden for businesses will be eased by legislation signed into law on July 4. Currently, businesses must issue a Form 1099-MISC to any payee (and to the IRS) when transactions reach $600 in a calendar year. And businesses that pay $600 or more for services rendered by an independent contractor must issue a Form 1099-NEC (Nonemployee Compensation). Beginning with payments made in 2026, the threshold rises from $600 to $2,000 and will be adjusted for inflation

Nov 31 min read

Making Tax-Free Gift in 2025 and 2026

As the year winds down, you may be hoping to combine smart estate tax planning with tax savings using the annual gift tax exclusion. For 2025 and 2026, this exclusion is $19,000, which you may give in cash or property to any number of family members or friends, without gift tax implications. Married couples may be able to give up to $38,000 to any recipient. Generally, married taxpayers can also gift an unlimited amount to their spouse without gift tax implications. However,

Nov 31 min read

Make Sure Every Donation Counts!

Charities obviously benefit when you donate to them. But you can also benefit by securing a tax deduction on your 2025 income tax return if you donate by Dec. 31, itemize deductions and comply with the tax rules. Here are a few rules to keep in mind: Ensure you’re donating to a qualified charitable organization. A tool on the IRS website, the Exempt Organizations Select Check, allows users to confirm a charity’s tax-exempt status. If you receive something in return for your d

Nov 31 min read

Throwing a Party for Your Workforce? Know the Tax Rules

The holiday season is here once again, and for some workplaces, that means holiday parties. Although the rules for deducting business entertainment expenses changed several years ago, you may still qualify for some holiday party write-offs for this year, possibly even the entire cost. As you plan, understand the rules so you can avoid potentially costly missteps. The Rules Before and Since the TCJA Before the Tax Cuts and Jobs Act (TCJA), businesses could deduct 50% of certai

Nov 32 min read

5 Smart Tips for Individual Year-End Tax Planning

Even during the last two months of the year, you can take steps to reduce your 2025 tax liability. Here are five practical strategies to consider. 1. Use Bunching to Maximize Deductions If your itemized deductions are close to the standard deduction, consider a “bunching" strategy. This means timing certain payments (such as mortgage interest, state and local taxes, charitable gifts and medical expenses) so that they push you above the standard deduction in one year. The foll

Nov 32 min read

Bonus Depreciation and Other Year-End Tax-Saving Tools for Businesses

As this year comes to a close, business owners seeking to reduce their taxes for 2025 have a variety of opportunities. Here’s a look at two tax-saving tools: bonus depreciation and retirement plan contributions. Assets Eligible for Bonus Depreciation First-year bonus depreciation has been given new life under the legislation commonly known as the “One Big Beautiful Bill Act" (OBBBA). It had been scheduled to be only 40% for 2025 (60% for certain long-production assets) and to

Nov 33 min read