Our Financial Blog
Examining the Impact: How the ‘One Big Beautiful Bill Act’ (OBBBA) Might Apply to You
As we approach the closing chapters of the Tax Cuts and Jobs Act (TCJA), implemented during President Trump's first term, taxpayers find themselves at a crossroads. With many of the TCJA's provisions set to expire after 2025, the introduction of the One Big Beautiful...
Remote Employees, Reimbursements & Taxes: The Two Paths You Can Take
Your team's remote. They've got internet bills, home office gear, maybe extra phone costs. And you - being the good boss you are - want to cover these costs. But here’s the catch: how you reimburse them changes everything. There are really only two paths: Path 1: The...
IRS Shifts to Paperless Refunds: What This Might Mean for You
In a move set to redefine the refund process, the Internal Revenue Service (IRS), in collaboration with the U.S. Department of Treasury, has announced the gradual phasing out of paper tax refund checks starting September 30, 2025, as mandated by Executive Order 14247....
Unlocking Tax Savings with Deductions Beyond Itemizing
In the complex world of tax deductions, understanding the distinctions between above-the-line deductions, below-the-line deductions, and standard and itemized deductions is crucial for effective tax planning. Each category serves a distinct purpose within the tax...
Maximize Retirement Savings: Don’t Overlook Catch-Up Contributions for Taxpayers Aged 50 and Over
As retirement approaches, many older Americans seek strategies to maximize their savings and ensure financial stability. Retirement plans often provide "catch-up" contributions, a frequently overlooked opportunity to significantly boost retirement funds. This article...
IRS Releases Contingency Plan During Government Shutdown
The IRS has updated its contingency lapse plan, detailing how operations will proceed past the first five days of the federal government shutdown. The plan, which took effect on Oct. 8, 2025, outlines which functions will continue, which will pause and how employees...
Who Claims the Kids When Parents Divorce?
Divorce or separation doesn't just lead to emotional and familial upheaval; it also introduces complexities in financial matters, particularly when children are involved. One often misunderstood and hotly contested issue is determining which parent claims the children...
Vehicle Loan Interest Deduction A Restrained Tax Benefit
In the swirling complexities of tax legislation, even well-intentioned provisions can seem like offers of relief that arrive weighed down with restrictions. The OBBBA provision, which allows taxpayers to deduct up to $10,000 of interest paid on passenger vehicle...
Occupations Qualified for Tip Deduction Released
On September 2, 2025, the Treasury Department released a draft list of 68 occupations eligible for the new "no tax on tips" deduction. This deduction is part of the "One Big Beautiful Bill Act," signed into law on July 4, 2025, and applies to federal income taxes for...
Understanding the Estate and Gift Tax Changes Under the One Big Beautiful Bill Act
The One Big Beautiful Bill Act (OBBBA) recently introduced substantial changes in the realm of estate and gift tax planning. These changes present new opportunities for taxpayers. The legislation modifies critical aspects of the estate tax exclusion, making long-term...
How to Keep Your Business in the Family – Tax Traps and Solutions
So you built something real. A business. A legacy. A family-run thing that’s weathered recessions, pandemics, and probably more sleepless nights than you care to count. Maybe it’s a restaurant. A dental practice. A small farm.Maybe it’s a consulting firm that started...
Essential One Big Beautiful Bill Tax Changes Every Senior Needs to Know
In recent legislative developments, the Omnibus Budget Reconciliation Bill for 2025 and Beyond (also known as the One Big Beautiful Bill Act, or OBBBA) has introduced significant tax provisions, some tailored to benefit seniors, ensuring they receive enhanced support...
Estate Planning Is No Longer Optional—Even If You’re Not a Millionaire
For years, the myth persisted: Estate planning is only for the ultra-wealthy. But if you're Gen X, a Boomer, or even one of the older Millennials, it's time to rethink that mindset. A lot has changed. And waiting until it's urgent could leave your family exposed to...
Understanding the New Above-the-Line Tax Deduction for Qualified Tips
The U.S. tax landscape continues to evolve with legislative updates, and one such recent change introduced in the “One Big Beautiful Bill Act” focuses on a new above-the-line tax deduction for qualified tips. This article delves into the historical and current aspects...
Tax Break for Businesses: 100% Bonus Depreciation is Back Plus New Expensing of Qualified Production Property
The reinstatement of bonus depreciation is a critical component of recent U.S. tax legislation aimed at fostering economic growth. The 2017 Tax Cuts and Jobs Act (TCJA) had already put significant emphasis on bonus depreciation, but its permanent reinstatement under...
Understanding the New Deduction for Overtime Under the OBBBA: A Comprehensive Guide
The recent passage of the One Big Beautiful Bill Act (OBBBA) marks a significant shift in the tax landscape, bringing with it a range of changes aimed at easing the financial burden on American workers. Among these changes, the introduction of a new deduction for...
Last Chance: The One Big Beautiful Bill Countdown on Key Energy Tax Credits
In recent years, as the conversation about climate change has intensified, the federal government sought to encourage homeowners and consumers towards sustainable energy solutions by providing tax credits for various green initiatives. The installation of solar...
Understanding the Implications of a Job Loss: Tax Considerations and Financial Strategies
Losing a job is a challenging event that can have significant financial and tax implications. As individuals navigate the transition, understanding these implications and the resources available can mitigate some of the stress that accompanies such situations. This...
Key Tax Provisions in the One Big Beautiful Bill Act – Simplified Bullet Points
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (OBBBA), a reconciliation package that includes a broad array of tax provisions affecting individuals, businesses and international taxpayers. We want to highlight the key provisions and...
Married, Successful, and Overpaying? Tax Planning Strategies for High-Income Dual-Income Households
Here’s something the IRS doesn’t advertise:Success gets expensive fast, especially when there are two high earners under one roof. You both worked hard. You both climbed your career ladders. And now you’re living in that post-promotion, post-bonus, equity-vesting...
Navigating IRS Penalty Abatement
For taxpayers facing IRS penalties, understanding the pathways to request penalty abatement can provide relief both financially and emotionally. From reasonable cause abatement to First-Time Abatement (FTA), this article explores these options, detailing the...