Our Financial Blog
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...
Think the IRS is Slowing Down? Why That Might Actually Increase Your Audit Risk
You’ve probably seen the headlines: “IRS funding slashed.” “Audit rates down.” “Staffing cuts.” If you’re a business owner, investor, or part of a high-earning household, you may be thinking: Finally, some breathing room. But here's the reality:The IRS isn’t...
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...
Is Your Business Overpaying Taxes? 3 Mid-Year Moves That Could Lower Your 2025 Bill
You know that moment in April when you look at your tax bill and think:“We could’ve done something about this... if we’d only planned earlier.” Well, this is earlier. And if you’re a business owner who’s having a good year so far (or even just a better-than-expected...
A Comprehensive Guide for Itemized Medical Deductions
In today's world, where medical costs are soaring, understanding the intricacies of tax-deductible medical expenses is not just beneficial—it's necessary for effective financial planning. This guide explores the ins and outs of deductible medical expenses, touching on...
It’s Summertime: A Guide to Seasonal Tax Strategies
As the warm embrace of summer arrives, it brings with it not only the excitement of vacations and longer days but also a host of unique tax considerations. From newlyweds navigating the intricacies of joint finances, to parents exploring tax credits for summer camps,...
Summer Employment for Your Child
Summer jobs for kids offer more than just extra cash—they provide valuable life lessons and skills that can benefit young individuals in their personal and professional lives. Whether they are saving up for a special purchase, gaining work experience, putting the...
Tips Every Self-Employed Individual Should Know About Self-employment Tax
Self-employment tax plays a crucial role in the life of every entrepreneur, freelancer, and business owner. Understanding this tax is essential for anyone who makes their living other than as an employee. In this article, we will delve into the components of...