Tax Credits, Tax Planning

Act soon: The OBBBA ends clean energy tax breaks

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August 6, 2025
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The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives originally introduced or expanded under the Inflation Reduction Act (IRA). Below is a summary of the key individual tax credits that will soon be scaled back […]
#CleanEnergy, #EnergyTaxCredits, #TaxCredits, #TaxPlanning
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Tax Planning

The new law includes a game-changer for business payment reporting

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August 4, 2025
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The One, Big Beautiful Bill Act (OBBBA) contains a major overhaul to an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Beginning in 2027, the threshold amount will be adjusted for inflation. The current requirement: $600 threshold […]
#IRSUpdate, #OBBBA, #TaxPlanning
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Tax Credits

Businesses can still choose to address sustainability

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August 1, 2025
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For many years, businesses of all shapes and sizes have at least considered sustainability when running their operations. Many people — including customers, investors, employees and job candidates — care about how a company impacts the environment. And reducing energy use, water consumption and waste generally lowers operational costs. However, the current “environment regarding the […]
#OBBBA, #SustainableBusiness, #TaxPlanning
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Tax Planning

What you still need to know about the alternative minimum tax after the new law

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July 30, 2025
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The alternative minimum tax (AMT) is a separate federal income tax system that bears some resemblance to the regular federal income tax system. The difference is that the individual AMT system taxes certain types of income that are tax-free under the regular system. It also disallows some deductions that are allowed under the regular system. […]
#AlternativeMinimumTax, #AMT, #TaxPlanning
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Tax Planning

Are you missing a valuable tax deduction for Medicare premiums?

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June 18, 2025
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If you’re age 65 or older and enrolled in basic Medicare insurance, you may need to pay additional premiums to receive more comprehensive coverage. These extra premiums can be expensive, particularly for married couples, since both spouses incur the costs. However, there may be a silver lining: You could be eligible for a tax deduction […]
#MedicalDeductions, #MedicarePremiums, #RetirementTaxes, #TaxPlanning
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Tax Planning

Tax breaks in 2025 and how The One, Big, Beautiful Bill could change them

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June 11, 2025
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The U.S. House of Representatives passed The One, Big, Beautiful Bill Act on May 22, 2025, introducing possible significant changes to individual tax provisions. While the bill is now being considered by the Senate, it’s important to understand how the proposals could alter key tax breaks. Curious about how the bill might affect you? Here […]
#TaxLaw, #TaxPlanning, #TaxUpdates
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Tax Planning

How working in the gig economy affects your taxes

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May 21, 2025
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The gig economy offers flexibility, autonomy and a way to earn income, but it also comes with tax obligations that can catch many workers off guard. Whether you’re driving for a rideshare service, delivering food, selling products online or offering local services like pet walking, it’s crucial to understand the tax implications of gig work […]
#EstimatedTaxes, #SelfEmploymentTax, #TaxPlanning
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Tax Planning

Corporate business owners: Is your salary reasonable in the eyes of the IRS?

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May 5, 2025
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Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to penalties, back taxes and interest. But by proactively following certain steps, owners can help ensure their compensation is seen […]
#BusinessTax, #IRSCompliance, #SmallBusinessTips, #TaxPlanning
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Tax Planning

Are you a tax-favored real estate professional?

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March 31, 2025
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For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. For example, if you have positive taxable income from other rental properties, that generally counts as passive […]
#PassiveIncome, #RealEstateTax, #RentalProperty, #TaxPlanning
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