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Now is the time to make your estimated tax payment If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. With the passage of the One Big Beautiful Bill Act (OBBBA), forecasting your tax obligation is now more important …
Continue reading Reminder: Third Quarter Estimated Taxes are Due
With the uncertainty in the marketplace, now is a good time to review the rules surrounding investment losses. This knowledge can help minimize your tax obligation next year. This is because investment gains and income can be subject to a variety of federal tax rates as high as 37%. This, plus the 3.8% net investment …
Multiple changes make this more important than ever The One Big Beautiful Bill Act (OBBBA) makes a number of changes impacting the business landscape. These changes will impact both small and large businesses. Here are some of the major changes and respective tips to consider. SALT deduction increase requires planning The tax deduction (commonly know …
Continue reading Time to Forecast Your Business Tax Obligation
With the passage of the One Big Beautiful Bill Act (OBBBA) of 2025, there's the ability to receive a deduction for overtime pay from your federal tax obligation. Here's a recap of the rule and several tax tips to ensure you receive the full benefit of the deduction. The Tax Law Change From 2025 through …
Want to jump start your child's retirement with a million dollar tax-free account? Consider this: The million dollar idea As soon as your child begins to earn income, open a Roth IRA and set a contribution goal to reach before they graduate from high school. Assuming an 8% expected rate of return, the investments made …
The IRS lays it all out As required by law, in every Form 1040 instruction booklet there's a section that shows where our federal government gets its money and where it is spent. As taxpayers it makes sense to know this information. Here is the data for the government's fiscal year ending September 30, 2023, …
What everyone should know The recently passed One Big Beautiful Bill Act (OBBBA) addresses some tax law uncertainty while creating several benefits impacting your 2025 tax return. One of these benefits is a new $6,000 deduction for seniors. Here is what you need to know. The Changes Personal exemptions are gone! First and foremost, the law …
Continue reading Personal Exemptions gone plus $6,000 new Deduction
What you need to know The One Big Beautiful Bill Act (OBBBA) makes tip income tax-free. But as with any new tax law, the fine print matters, and some of these details still need clarification. Here is what you should know. The basic facts From January 1, 2025 through December 31, 2028 you can deduct …
What you need to know With the passage of the One Big Beautiful Bill Act or OBBBA, many of the temporary tax laws set to expire at the end of 2025 have been made permanent. This week's tip summarizes the changes to several of the more popular deductions and credits, while the tax tips over …
If you use an installment sale to help sell property, you can benefit from tax deferral and possibly lower your overall tax bill. But you need to watch out for certain tax traps if you do. Installment sale defined Generally, you create an installment sale when you receive payments for sold property in the tax …
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