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) […]
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 […]