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One, Big, Beautiful Bill Act

To maximize — or not to maximize — depreciation deductions on your 2025 tax return

Depreciation, Depreciation Deduction (Section 179), One, Big, Beautiful Bill Act, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

The deadlines for filing 2025 tax returns (or extensions) are fast approaching. Although most tax planning moves must be completed by December 31 of the tax year, there are some decisions you can make when filing your return that can save taxes now or in the future. One such decision is whether to claim accelerated depreciation

To maximize — or not to maximize — depreciation deductions on your 2025 tax return Read More »

Tax filing update for pass-through entities

Business Interest Expense Deductions, Federal Income Tax, First-Year Depreciation, Limited Liability Partnership (LLP), LLC, One, Big, Beautiful Bill Act, Partnerships, Pass Through Taxation, S Corporation, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Tax Deadlines /

Do you operate a business as a partnership, a limited liability company (LLC) treated as a partnership for tax purposes or an S corporation? In tax lingo, these are called “pass-through” entities because their taxable income items, tax deductions and tax credits are passed through to their owners and taken into account on the owners’ federal

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If you suffered a disaster, you may be eligible for a casualty loss tax deduction

Casualties, Casualty Losses on Property, Insurance, Natural Disaster, One, Big, Beautiful Bill Act, Personal Property loses /

Every year, severe storms, flooding, wildfires and other disasters affect millions of taxpayers. Many experience casualty losses from damage to their homes or personal property. The One Big Beautiful Bill Act (OBBBA), signed into law last year, generally made permanent the Tax Cuts and Jobs Act (TCJA) limitation on the personal casualty loss tax deduction.

If you suffered a disaster, you may be eligible for a casualty loss tax deduction Read More »

More individuals with disabilities will be eligible for tax-advantaged ABLE accounts in 2026

529 Saving Plan, Achieving A Better Life Experience (ABLE), Disabilities, One, Big, Beautiful Bill Act, The Secure Act 2.0 /

Did you know there’s a tax-advantaged way to save for the expenses of a person with a disability that’s similar to saving for college expenses with a Section 529 plan? Achieving a Better Life Experience (ABLE) accounts can help fund qualified disability expenses for an eligible beneficiary. The SECURE 2.0 Act, signed into law in

More individuals with disabilities will be eligible for tax-advantaged ABLE accounts in 2026 Read More »

Changes to charitable donation deductions are on the horizon

(ATI) Adjusted Taxable Income, AGI (Adjustable Gross Income), Cash Contributions To Charities, Charitable, Charitable Contributions, Charitable Donation Deductions, Charitable Donations, Itemized Deduction, One, Big, Beautiful Bill Act /

Beginning in 2026, individuals who itemize deductions and donate to charity will face a new limit on their charitable deductions. And in some cases, they’ll face two new limits. But there’s some good news for nonitemizing individuals who make charitable donations. New charitable deduction floor Under the One Big Beautiful Bill Act (OBBBA), starting in 2026, if

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Significant changes to information reporting go into effect for the 2026 tax year

Employees, Federal Income Tax, Independent Contractors, One, Big, Beautiful Bill Act, Small Business Tax Tips, Small Business Tips, State Income Tax, Taxes and Tips, Tips And Overtime /

If your business has employees or uses independent contractors, you have associated annual information reporting obligations. The One Big Beautiful Bill Act (OBBBA) makes changes impacting these rules, but not for the 2025 tax year. Tips and overtime income For 2025 through 2028, the OBBBA creates new deductions for employees who receive qualified tips income

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New law eases the limitation on business interest expense deductions for 2025 and beyond

(ATI) Adjusted Taxable Income, Business Deductions, Business Income Tax, Business Interest Expenses, C Corporation, Limited Liability Company, One, Big, Beautiful Bill Act, Partnerships, Pass Through Taxation, S Corporation, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

Interest paid or accrued by a business is generally deductible for federal tax purposes. But limitations apply. Now some changes under the One Big Beautiful Bill Act (OBBBA) will result in larger deductions for affected taxpayers. Limitation basics The deduction for business interest expense for a particular tax year is generally limited to 30% of

New law eases the limitation on business interest expense deductions for 2025 and beyond Read More »

How will taxes affect your merger or acquisition?

(LTCG) Net Long-Term Capital Gain, Asset Sale of Business, C Corporation, Federal Income Tax, Federal Taxes, Limited Liability Company, One, Big, Beautiful Bill Act, Past-Through Entities, Sale of Business Assets, Small Business, Small Business Owners, Small Business Stock, Small Business Tax Tips, Small Business Tips, Sole Proprietors, Stock Sale of Business /

Whether you’re selling your business or acquiring another company, the tax consequences can have a major impact on the transaction’s success or failure. So if you’re thinking about a merger or acquisition, you need to consider the potential tax impact. Asset sale or stock sale? From a tax standpoint, a transaction can basically be structured

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