Tax changes rarely arrive all at once. Instead, they tend to layer over time, which is exactly what we are seeing as we move toward 2026. Several provisions from the One Big Beautiful Bill Act are already affecting 2025 tax returns that are currently being filed. At the…more
Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax purposes. The new law changes that. The One Big Beautiful Bill Act (OBBBA) is shaking up how certain types of income are taxed. From 2025 through 2028, small…more
Taking proactive steps now could help reduce your tax liability for 2024 and 2025. Here are some considerations.
There are a number of different hobbies that some taxpayers turn into businesses. Here’s how they can protect tax breaks on their tax returns.
Before you know it, 2024 will be here. But until then, there may still be time to reduce your 2023 federal tax liability by taking these steps.
Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments. The IRS recently announced the amounts for 2024.
If you’re selling your principal residence, or you already sold your home in 2023, some or all of the profit may be tax-free. It depends on the amount of profit and your income. Take a look at the basic rules.
Can you deduct a gym membership as a medical expense on your tax return? What about nutritional supplements? The IRS recently answered these and other questions.
If you’re a parent, you know that children are expensive. Fortunately, there’s a federal Child Tax Credit that may help you with the expenses. Here are the current rules.