Tax Planning

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

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November 21, 2025
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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 […]
#ItemizedDeductions, #TaxPlanning, #TaxUpdate2026
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Tax Planning

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

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November 19, 2025
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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 […]
#BusinessTaxUpdate, #DepreciationRules, #TaxPlanning
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Tax Planning

Shift income to take advantage of the 0% long-term capital gains rate

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November 13, 2025
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Are you thinking about making financial gifts to loved ones? Would you also like to reduce your capital gains tax? If so, consider giving appreciated stock instead of cash. You might be able to eliminate all federal tax liability on the appreciation — or at least significantly reduce it. Leveraging lower rates Investors generally are subject to […]
#CapitalGains, #FinancialGifting, #TaxPlanning
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Tax Planning

How the Social Security wage base will affect your payroll taxes in 2026

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November 6, 2025
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The 2026 Social Security wage base has been released. What’s the tax impact on employees and the self-employed? Let’s take a look. FICA tax 101 The Federal Insurance Contributions Act (FICA) imposes two payroll taxes on wages and self-employment income — one for Old-Age, Survivors, and Disability Insurance, commonly known as the Social Security tax, […]
#PayrollTaxes, #SocialSecurity, #TaxUpdate
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Tax Planning

Review your business expenses before year end

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October 28, 2025
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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 […]
#BusinessDeductions, #TaxPlanning, #YearEndPlanning
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Tax Planning

Why start-ups should consider launching as S corporations

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October 17, 2025
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Launching a new business brings tough decisions. And that holds true whether you’re a fledgling entrepreneur starting your first company or an experienced businessperson expanding into a second or third enterprise. Among the most important calls you’ll need to make is how to structure the start-up for tax purposes. For many business owners, electing S corporation […]
#BusinessStartup, #Entrepreneurship, #SCorporation
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Tax Planning

Boost your tax savings by donating appreciated stock instead of cash

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October 16, 2025
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Saving taxes probably isn’t your primary reason for supporting your favorite charities. But tax deductions can be a valuable added benefit. If you donate long-term appreciated stock, you potentially can save even more. Not just a deduction Appreciated publicly traded stock you’ve held more than one year is long-term capital gains property. If you donate […]
#CharitableGiving, #TaxPlanning, #YearEndPlanning
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