As this year comes to a close, business owners seeking to reduce their taxes for 2025 have more opportunities to do so under the One Big Beautiful Bill Act (OBBBA). One such opportunity is first-year bonus depreciation. It had been scheduled to be only 40% for 2025 (60% for certain long-production assets) and to vanish […]
The One Big Beautiful Bill Act (OBBBA) introduces a range of tax changes that will impact businesses. Many provisions set to expire this year are now being extended or made permanent. Below is a snapshot of two important changes to help you make the most of tax planning in the fourth quarter of 2025 and […]
Depending on your situation, you may be able to claim certain medical expenses as deductions on your tax return. However, you must itemize deductions, and having enough expenses to qualify can be challenging. Here are five tips to keep in mind: 1. Consider ”bunching” expenses. You can only deduct unreimbursed medical costs that exceed 7.5% of […]
The One Big Beautiful Bill Act (OBBBA), enacted on July 4, will allow more taxpayers to fully deduct their state and local tax (SALT) expenses (including property tax), providing much needed breathing room to many Americans. Here are the details. SALT deduction expanded Under the Tax Cuts and Jobs Act, the itemized deduction for state […]
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) […]