Newsletter

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

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

October 15 Individuals: File a 2024 income tax return (Form 1040 or Form 1040-SR) if an automatic six-month extension was filed (or if...

Employers seeking to offer family-friendly benefits may want to consider flexible spending accounts (FSAs) for dependent care. These FSAs...

Beginning Sept. 30, 2025, the federal government will generally no longer issue paper checks, including those for tax refunds, Social...

Employers who hire new workers may qualify for a tax benefit, but they shouldn’t wait too long. The Work Opportunity Tax Credit (WOTC) is...

Depending on your situation, you may be able to claim certain medical expenses as deductions on your tax return. However, you must...

The One Big Beautiful Bill Act (OBBBA) introduces a range of tax changes that will impact businesses. Many provisions set to expire this...

The One Big Beautiful Bill Act (OBBBA), enacted on July 4, will allow more taxpayers to fully deduct their state and local tax (SALT)...

September 15 Individuals : Pay the third installment of 2025 estimated taxes (Form 1040-ES), if not paying income tax through...

Employers seeking to offer low-cost, family-friendly benefits may want to consider flexible spending accounts (FSAs) for dependent care....

If a couple gets separated or divorced, it affects tax obligations. The IRS considers couples married for tax purposes until a final...

For 2025 through 2028, individuals age 65 and older may be able to claim a new senior deduction of up to $6,000, subject to income-based...

It’s hurricane season, which is just one of several weather emergencies and other natural disasters companies may face, depending on...

The One, Big, Beautiful Bill Act (OBBBA) brings a wide range of tax changes, with several key updates designed to support families. Among...

If you’re a small business owner or you’re self-employed, there’s good news on the tax front. The Section 199A qualified business income...

The 100% bonus depreciation is back permanently for assets placed in service after January 19, 2025. That is great news if you have been delaying equipment purchases. Act before December 31 to qualify for the full write-off. Let’s talk strategy for your 2025 investments.

Filed an extension? The final deadline is October 15, but don’t wait. Late filing causes stress and interest accrues on unpaid taxes. The IRS offers payment plans if needed. If you are ready, get your 2024 records in and let’s get your return done.

A Roth IRA conversion can lock in tax-free growth, especially smart if markets are down or you are in a lower tax bracket this year. You will owe taxes on the converted amount, so use non-IRA funds if possible. It's not right for everyone, but it might be for you. Contact us to explore your timing.

In partnerships, you are taxed on your share of income even if you did not receive a distribution. Income and losses pass through to each partner and are reported via Schedule K-1. Understanding basis, gains, and distribution rules is key. Need clarity on how this affects your taxes? Let’s talk.