Older Americans weren’t forgotten in the One, Big, Beautiful Bill Act. 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 phaseouts. This deduction is available whether or not the taxpayer itemizes. If both spouses of a married couple filing […]
The One, Big, Beautiful Bill Act (OBBBA) brings a wide range of tax changes, with several key updates designed to support families. Among the many provisions, here are three with the potential to lower your tax bill. 1. Boosted Child Tax Credit – with a new rule Beginning in 2025, the Child Tax Credit (CTC) […]
Posted on small businesses
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 (QBI) deduction – a powerful tax-saving opportunity since 2018 – was initially set to expire in 2025. But thanks to the recent enactment of the One, Big, Beautiful Bill Act (OBBBA), it’s not […]
On July 4, President Trump signed into law the far-reaching legislation known as the One, Big, Beautiful Bill Act (OBBBA). As expected, it extends and enhances many of the tax breaks from the Tax Cuts and Jobs Act (TCJA). It also includes several of Trump’s campaign promises — though many are only temporary — and […]
If your federal tax withholding isn’t enough to cover your total tax liability, you may need to make estimated tax payments. This typically applies if you earn income from sources such as interest, dividends, self-employment, capital gains, or other taxable income. The following rules explain how to make these payments without incurring an underpayment penalty. […]
Market volatility may have shrunk your traditional IRA, but that could be an opportunity. A lower account value means you can convert to a Roth IRA and pay less tax on the conversion. Traditional vs. Roth IRAs Traditional IRA contributions may be deductible (depending on income and employer-sponsored retirement plan participation). Funds grow tax-deferred, but […]