Sep 2, 2025 | Business Planning, Personal Financial Planning, Tax News
The One Big Beautiful Bill Act allows certain employees to deduct a portion of their reported tip income from federal income tax. The law provides an above-the-line deduction of up to $25,000 in reported tip income. An above-the-line deduction reduces taxable income...
Aug 26, 2025 | Personal Financial Planning, Tax News
A 529 plan, operated by a state or educational institution, comes with tax advantages and potentially other incentives to make it easier to save for: College and other postsecondary training Tuition in connection with enrollment or attendance at an elementary or...
Aug 14, 2025 | Personal Financial Planning, Tax News
The One Big Beautiful Bill Act makes major changes to the ways Americans can save, borrow and pay for education. From ABLE accounts to student loan caps, the law overhauls many familiar programs. Some provisions will not take effect until July 1, 2026, while others...
Aug 5, 2025 | Business Planning, Personal Financial Planning, Tax News
There’s no single test that determines whether an activity is a hobby or a business, but the IRS considers several factors, including: Whether you intend to make a profit Whether you rely on the income Whether incurred losses are expected for a new business or...
Jul 31, 2025 | Personal Financial Planning, Tax News
By the time you’re gathering your paperwork to send to your tax preparer, it’s probably too late to do much to change the outcome. You may owe the government a lot, a situation no one likes to be in. Or, you may get a lot back. That’s certainly more...
Jul 9, 2025 | Personal Financial Planning, Tax News
As reported by The Journal of Accountancy, The One Big Beautiful Bill Act, was signed into law on Friday, July 4 by President Donald Trump. The bill extends many of the expiring provisions from the Tax Cuts and Jobs Act (TCJA). It also addresses other tax priorities...
