An unexpected influx of money – such as from an inheritance, bonus, legal settlement or lottery win – can feel exciting and full of possibility. But without a clear plan, that financial good fortune might not last as long as you’d hoped. Avoid common pitfalls It can be tempting to immediately buy your dream car […]
Here’s a sampling of some significant tax law changes going into effect this year: New charitable contribution deduction for nonitemizers for cash contributions up to $1,000 ($2,000 for married couples filing jointly) New 0.5% of adjusted gross income floor on charitable deduction for itemizers New 35% benefit limit on itemized deductions for taxpayers in the […]
If you received tips or overtime pay in 2025, you may be eligible for a new deduction when you file your income tax return. Last year’s One Big Beautiful Bill Act (OBBBA) created both deductions, which can be claimed whether or not you itemize deductions. But various rules and limits apply. Also be aware that […]
By Christian Crocker, CPA The Qualified Business Income Deduction is a relatively new tax deduction enacted under the 2017 Tax Cuts and Jobs Act (TJCA), that is eligible to all individual taxpayers who have income either through a pass-through entity (S-corporation or partnership), rental income (Schedule E), or are self-employed (Schedule C). The term Qualified […]
Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might be able to deduct your car loan interest. But various rules and limits apply. The specifics The OBBBA allows […]
Remote work can offer advantages for both employers and employees. But it’s not without problems, such as unexpected tax consequences. State tax issues for employees Remote work allows employees to live in one state and work for an employer in another, which can create complex tax issues. Each state has the right to tax people […]