The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, maintains federal income tax rates between 10% and 37%. The key for tax planning is understanding your marginal tax rate—the rate appliedRead More »How to Review and Maximize Your Tax Savings Midyear
One of the first decisions small business owners face is choosing an accounting method for federal income tax purposes. While larger companies must use the accrual method, qualifying small businesses may elect the cash method.Read More »Choosing the Right Tax Accounting Method for Your Business
Many retirees wonder whether their Social Security benefits will be taxed. While the new “senior deduction” offers some relief, the actual taxability of benefits depends on your provisional income, overall income, and IRS thresholds. Let’sRead More »How to Know If Social Security Is Taxable
Choosing the right legal entity is one of the most important decisions for any start‑up. The entity type you select affects taxation, liability, and flexibility in operations. Two common options for businesses with multiple ownersRead More »Choosing the Right Entity Type for Your Business
With home values rising across the country, many homeowners are seeing significant profits when they sell. While a large gain is usually welcome, it can also bring tax consequences. Depending on your profit, how longRead More »Home Sale Taxes: When Gains Are Taxed and When They Aren’t
Running a side gig alongside your regular job can be rewarding, whether it’s selling handmade crafts online or performing music locally. But when it comes to taxes, the IRS will expect you to report thatRead More »How to Deduct Side Gig Expenses Without IRS Trouble
Job loss is never easy. While your main focus may be finding new employment and replacing lost income, it’s important not to ignore the tax implications that come with unemployment, severance, health coverage, and retirementRead More »What to Know About Taxes When You Lose Your Job
If you’re a real estate developer or small business owner with commercial property, selling an appreciated asset can trigger significant taxes. A Section 1031 like-kind exchange offers a way to defer those taxes by swappingRead More »4 Myths About 1031 Exchanges You Need to Know
Many families overlook the “kiddie tax” or assume it only applies to young children. In reality, this tax can affect full‑time students up to age 23 and even 18‑year‑olds who aren’t financially independent. When triggered,Read More »How the Kiddie Tax Affects Students and Young Adults
If you’re self‑employed, maximizing tax deductions is essential to reduce your taxable income. Whether you’re a freelancer, consultant, or small business owner, understanding what you can deduct on your federal income tax return can saveRead More »Small Business Tax Tips: 5 Overlooked Deductions
If you participate in a company 401(k) plan, you already know the basics: you can contribute pre‑tax dollars to a traditional account or after‑tax dollars to a Roth account. But some plans offer a thirdRead More »After‑Tax vs. Roth 401(k): What You Need to Know
Intangible assets play a major role in today’s business world. From goodwill and trademarks to customer lists, these assets often come into focus when a company is sold, ownership changes, or intellectual property is transferred.Read More »How the IRS Taxes Self-Created Intangible Assets