Great time to leverage tax ideas Each year there's typically an open enrollment for many benefit programs from your employer. Here are some tips to consider. Leverage employer contributions Employers that offer retirement plans like 401(k)s, 403(b)s, and 457s often include an employee match or safe harbor contribution. So make sure you understand this benefit …
Borrowing Money from Your 401(k)
Review this tip before you act! For years you have put away money from your pay into your employer-provided 401(k) retirement savings account. Your employer may have even matched 50% of your contributions or contributed 3% of your pay to the account as part of a safe harbor program. Now you want to take some …
The New Car Interest Deduction
What you need to know For years, the tax code trend was to reduce the amount of interest that may be deducted on your tax return. Until recently, it really only allowed interest deductions as an itemized deduction on qualified residences and vacation property. That is changing now with the passage of the OBBB Act …
Year-End Tax Planning Tips: 2025 EDITION
There's still time to act At the end of each year there are a number of things to consider that may have a positive impact on your tax obligation. Here is a list of ideas that may be worth a quick review while there is still time. And especially this year with recent tax law …
Social Security Benefits Announced for 2026
The Social Security Administration announced a 2.8% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2026, another rate drop versus last year's increase of 3.2%. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2025. For those contributing to Social Security through …
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Leveraging Gift Rules to Your Advantage
As you or your family members approach retirement years, it's important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. The rules You may give up to $19,000 to any individual (donee) in 2025 and avoid any …
Check for Itemizing Now
Itemizing deductions may be back for you With the passage of the One Big Beautiful Bill Act (OBBB Act) many who took a standard deduction may now need to consider a potential change to itemizing. If this could be you, it is better to know this now, when you can still take tax advantage of …
Defending Fair Market Value
Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. Source: IRS Publication 561 This definition is …
Tentative Tax-Fee Tip Occupations Announced
Review and act NOW! In late September, the Treasury Department presented a list of preliminarily-approved occupations that will qualify for the new federal tax-free tip income provision on 2025 tax returns. Here is what you need to know. Background As part of the One Big Beautiful Bill Act (OBBBA), qualifying tip income will not be …
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Don’t Run the Risk of a High Tax Bill!
Know when you should ask for professional help. Before taking action, talk to your tax adviser. How many times have you seen this legal disclaimer? Unfortunately, all too often taxpayers do not follow this advice and then must pay the price with an unnecessarily high tax bill. Here are some of the most common situations …
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