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One, Big, Beautiful Bill Act

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

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

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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New itemized deduction limitation will affect high-income individuals next year

(ATI) Adjusted Taxable Income, Federal Income Tax, High-Income Individuals, Individual Income Tax, Individual Tax Tips, Itemized Deduction, One, Big, Beautiful Bill Act, Pass Through Taxation, Tax Planning /

Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you can take before the end of 2025 to help mitigate the negative impact. The new limitation up close Before the Tax Cuts and Jobs Act (TCJA), certain itemized deductions of

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New deduction for QPP can save significant taxes for manufacturers and similar businesses

Depreciation, One, Big, Beautiful Bill Act, Ordinary Income Tax, Qualified Production Property (QPP), Real Estate, Tangible Property Deductions /

The One Big Beautiful Bill Act (OBBBA) allows 100% first-year depreciation for nonresidential real estate that’s classified as qualified production property (QPP). This new break is different from the first-year bonus depreciation that’s available for assets such as tangible property with a recovery period of 20 years or less and qualified improvement property with a

New deduction for QPP can save significant taxes for manufacturers and similar businesses Read More »

Review your business expenses before year end

Business Expenses, Business Meals and Entertainment, Business Travel Deductions, Employee Reimbursement Plan, One, Big, Beautiful Bill Act, Ordinary Income Tax, Small Business, Small Business Owners, Small Business Tips, Tax Cuts and Job Acts (TCJA), Tax-Deductible Business Expenses, Taxes 2025, Year End Planning /

Now is a good time to review your business’s expenses for deductibility. Accelerating deductible expenses into this year generally will reduce 2025 taxes and might even provide permanent tax savings. Also consider the impact of the One Big Beautiful Bill Act (OBBBA). It makes permanent or revises some Tax Cuts and Jobs Act (TCJA) provisions

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The 2025 SALT deduction cap increase might save you substantial taxes

Federal Taxes, Local Taxes, Modified Adjusted Gross Income (MAGI), One, Big, Beautiful Bill Act, SALT, State Tax /

If you pay more than $10,000 in state and local taxes (SALT), a provision of the One Big Beautiful Bill Act (OBBBA) could significantly reduce your 2025 federal income tax liability. However, you need to be aware of income-based limits, and you may need to take steps before year end to maximize your deduction. Higher

The 2025 SALT deduction cap increase might save you substantial taxes Read More »