As we approach the end of 2025, it’s time to evaluate your year-end tax planning strategies. One important decision is whether you’ll claim the standard deduction or itemize deductions. Thanks to recent changes under the One Big Beautiful Bill Act (OBBBA), this choice carries new weight and can significantly impact your year-end strategies. What’s the
The holiday season is right around the corner, and that’s when many charitably inclined people start to think about year-end donations to their favorite charities. When planning your charitable contributions, don’t forget about the potential tax breaks for your generosity. The tax rules for these breaks have changed somewhat under the One Big Beautiful Bill
The recently enacted One Big Beautiful Bill Act (OBBBA) marks a significant step by President Trump and congressional Republicans toward dismantling several clean energy tax incentives. These tax breaks were created or expanded under the Inflation Reduction Act (IRA). Below is an overview of the key clean energy tax benefits — both for individuals and
Do you provide car rides through a mobile app, rent out your spare room using an online platform, or repair computers for local businesses on demand? If so, you may be considered part of the “gig economy” or the “sharing economy.” Participation in this emerging method of distributing services can be a good way to
The Tax Cuts and Jobs Act (TCJA) dramatically increased the unified federal gift and estate tax exemption from $5.49 million in 2017 to $13.61 million in 2024. If you’re married, you and your spouse have separate exemptions, for a total of $27.22 million for this year. Another inflation adjustment is scheduled for 2025. If you’re
If you’re financially successful or expect to become so, taxes are or will become one of your biggest expenses – and most people want to minimize their tax obligations. Roughly two-thirds of Americans say that they pay too much in federal income taxes, according to a poll earlier this year from the University of Chicago Harris
In recent years, many Americans have been the victims of natural disasters. If you’re unfortunate enough to suffer a personal casualty loss, here are the federal income tax implications. Limited Deductions for Personal Caualty Losses In theory, the federal income tax rules allow you to claim an itemized deduction for personal casualty losses that aren’t
Homeowners have long been rewarded with favorable tax treatment for making energy-efficient improvements. The Inflation Reduction Act, enacted in 2022, expands the tax credit for qualified energy-efficient improvements to help subsidize home energy audits, which can result in even more savings in your utility bills. Recent IRS guidance sheds some light on the credit. Overview The
If you’re an “experienced” taxpayer, you’re probably entitled to some age-based federal income tax breaks that younger taxpayers can’t claim. Here are some details to help you take advantage of two valuable opportunities to lower your federal income tax obligations. 1. Make Retirement Account Catch-Up Contributions If you’re age 50 or older, you can make extra
Do you work from home all or part of the time? If you’re self-employed and meet certain requirements you can write off a portion of your home office expenses, even if you perform work at other locations. The deduction may be based on the actual expenses you’re able to substantiate – or it may be computed
